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Information Articles for the Paris TN and Henry County Tennessee area

AAA reports Tennessee Gas Prices in 2017 Were Highest in 3 Years

January 5, 2018 | Email This Post Print This Post
 

Clarksville-Montgomery County has Second Cheapest Gas Prices in Tennessee

AAANashville, TN In 2017, gas prices in Tennessee averaged $2.18, which was the highest annual average in three years. The upward trend has continued into 2018, as gas prices had the most expensive start to the year in four years. Tennessee gas prices averaged $2.26 on January 1st, averaging 13 cents more than the year before.

Today’s state average of $2.27 is 3 cents more than last week and 13 cents more than this time last year.  

Gas Prices on the Rise in 2018.

Gas Prices on the Rise in 2018.

Highest and Lowest Gas Prices in Tennessee

  • The most expensive gas price averages in Tennessee are in Jackson ($2.32), Nashville ($2.28), and Memphis ($2.28)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.20), Clarksville-Hopkinsville ($2.20), and Cleveland ($2.23)

“After a quick jump at the pump last week, prices are relatively stable right now across the southeastern U.S., and should begin to take a downward turn soon,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gas prices normally decline during January and February, as gasoline demand hits the lowest levels of the year. The pump-price plunge has faced resistance from oil prices which have been trading at 2-year highs. Oil analysts believe the oil market is somewhat inflated due to geopolitical tensions and supply concerns, but prices should decline soon.”

Annual Average Price of Gasoline
  National Florida Georgia Tennessee
2017 $2.39 $2.37 $2.29 $2.18
2016 $2.12 $2.12 $2.07 $1.95
2015 $2.40 $2.36 $2.29 $2.16
2014 $3.34 $3.34 $3.26 $3.13

Oil and Gas Prices to be Higher in 2018

Energy prices will be higher this year, according to the Energy Information Administration. The EIA expects gas prices to average $2.51 in 2018, 12 cents more than the annual average in 2017. The EIA also projects oil prices will average $52.77 per barrel, nearly $2.00 more than last year’s average. Oil analysts at Moody’s Investors Service expect crude oil prices to remain at $40.00-$60.00 per barrel.

Oil prices got a boost toward the end of 2017, carrying into 2018. Crude settled above $60.00 during the last two sessions – the highest daily settlements since mid-2015. 

The late-year boost was due to multiple supply disruptions like the North Sea Forties and Libyan pipeline outages, protests across Iran, and the cold snap across the U.S. increasing demand for heating oil. Fortunately, the pipeline issues have been resolved, and the protests do not appear to be impacting oil production. This should help reduce the upward pressure on oil prices. 

[320left]2017’s increasing oil prices, especially in the fourth quarter, led to increased investment in production and drilling.

This allowed the U.S. to reach its highest crude production level — 9.637 million b/d (October) — since April 1971, officially confirmed by EIA last week. This represents a roughly 10 percent gain from the same month in 2016 and a 167,000 b/d increase from September 2017.

For 2018, U.S. crude production is expected to hit 10 million b/d for the first time ever, helping the country to meet domestic demand and expand its export prowess to countries that have growing energy demands around the globe. The total number of active rigs, 747, is 222 more than the total active number of rigs at the beginning of 2017.

No active oil rigs were added last week, according to Baker Hughes, Inc.

Gas Price Tools for Reporters/Consumers

  • GasPrices.AAA.com – Daily national, state, and metro gas price averages.
  • AAA Mobile app – Free app that shows current prices at a gas station near you.

Highs and Lows of 2017*

  • National: the highest average price for gasoline was $2.67 on September 8th. The lowest was $2.23 on July 5th.
  • Florida: the highest average price in was $2.73 on September 9th. The lowest was $2.13 on July 17th.
  • Georgia: the highest average price was $2.76 on September 12th. The lowest was $2.08 on July 5th.
  • Tennessee: the highest average price was $2.60 on September 10th. The lowest was $1.99 on July 5th.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.485 $2.486 $2.447 $2.479 $2.353 $4.114 (7/17/2008)
Florida $2.446 $2.443 $2.374 $2.440 $2.413 $4.079 (7/17/2008)
Georgia $2.353 $2.350 $2.279 $2.345 $2.256 $4.164 (9/15/2008)
Tennessee $2.268 $2.263 $2.237 $2.283 $2.140 $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 130,000 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 9.4 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 57.7 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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