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Information Articles for the Paris TN and Henry County Tennessee area

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Information Articles for the Paris TN and Henry County Tennessee area

AAA says Tennessee Gas Prices are 18 Cents More Than Last Year

July 31, 2017 | Email This Post Print This Post
 

Clarksville-Montgomery County has the Least Expensive Gas Prices in Tennessee

AAANashville, TN – Gas prices saw another round of increases last week. Tennessee gas prices averaged $2.08 on Sunday. The state average is 3 cents more than last week, and 18 cents more than this time last year. 

People using the free AAA mobile app are finding gas prices between $1.90 and $2.35. The price for regular unleaded is below $2.00 per gallon at fewer than 25 percent of gas stations in Tennessee; the price is less than $2.25 at 93 percent of gas stations in the state.

Gas Prices Rise on Strong Demand and Crude Draws.

Gas Prices Rise on Strong Demand and Crude Draws.

“Gas prices leveled out over the weekend, but should climb again this week,” said Mark Jenkins, spokesman, AAA The Auto Club Group.

“Strong demand and another round of supply draws pushed the price of crude to its highest point in 9 weeks, and that trend is expected to continue this week. Gas prices should rise 5-10 cents this week, but remain below this year’s highs, set earlier this year,” Jenkins stated.

Tennessee’s Most and Least Expensive Gas Prices

  • The most expensive gas price averages in Tennessee are in Memphis ($2.14), Nashville ($2.11), and Knoxville ($2.05)
  • The least expensive gas price averages in Tennessee are in Clarksville-Hopkinsville ($2.02), Chattanooga ($2.02), and Johnson City-Kingsport-Bristol ($2.04)

The national average price for regular unleaded was $2.31 on Sunday. After climbing 3 cents in the past week, the national average is now 16 cents more than this time last year. So far this year, gas prices have averaged $2.32. The price for regular unleaded is under $2.00 a gallon at only 10 percent of gas stations across the country. Prices are above $2.25 at 53 percent of U.S. gas stations. 

Crude Oil Reaches 9-Week High

The price per barrel of crude pushed higher this week, following news from OPEC that its members pledged to reduce exports and the EIA weekly report showing a decline in crude inventories. At OPEC’s meeting on Monday to discuss the status of its production reduction agreement, Saudi Arabia stated its plans to limit crude exports to 6.6 million barrels per day in August, about 1 million b/d below the level last year.

Kuwait and the United Arab Emirates also agreed to cut exports amid rising fears in the market that growth in production and exports from member countries may be undercutting the cartel’s efforts to restrict supplies and raise prices in the global market. Additionally, EIA reported a 7.2 million barrel drop in U.S. crude inventories for the week ending on July 21st – a much higher number than expected.

All of the news has given investors greater confidence in crude inventories continuing to shrink, leading the price per barrel of crude to move toward highs not seen since the end of May. Higher crude prices will contribute to rising gas prices, so if crude prices continue to push upward, drivers are likely to see it reflected at the pump.

Highs and Lows of 2017*

  • The highest national average price for gasoline, so far this year was $2.42 on April 21st; the lowest was $2.23 on July 5th.
  • The highest average price in Tennessee, so far this year, was $2.18 on April 20th; the lowest was $1.99 on July 5th.
     
FUEL FUNDAMENTALS
(Based on weekly data provided by the EIA)
U.S. Crude Oil U.S. Gasoline
  • Oil prices reached 9-week highs, settling at $49.71/b – nearly $4 more than the week before
  • Supplies decreased for the fourth consecutive week, falling by 7.2 million barrels to a total of 483.4 million 
  • Production declined for the first time in a month. At 9.4 million bpd, U.S. oil production remains near record levels (9.6 million – June 2015).
  • Refineries remain strong, pumping out more product than the week before.
  • Wholesale prices climbed about 12 cents on the futures market
  • Supplies remain strong, yet declined for the 6th consecutive week
  • Production remains strong, rising 2.9% over the week before
  • Demand for the week of July 21 was the strongest since Memorial Day, which was an all-time high

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.313 $2.309 $2.283 $2.239 $2.137 $4.114 (7/17/2008)
Florida $2.291 $2.293 $2.206 $2.163 $2.082 $4.079 (7/17/2008)
Tampa $2.287 $2.168 $2.039 $2.039 $1.987 $4.009 (7/16/2008)
Georgia $2.180 $2.178 $2.177 $2.087 $1.994 $4.164 (9/15/2008)
Tennessee $2.083 $2.078 $2.052 $1.998 $1.898 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 120,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America.  ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. 

ACG belongs to the national AAA federation with more than 57 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android.

Learn more at AAA.com/mobile. AAA clubs can be visited on the Internet at AAA.com.

 

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