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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

Tennessee Gas Prices Face Upward Pressure

May 7, 2018 | Email This Post Print This Post
 

Clarksville-Montgomery County has the Third Cheapest Gas Prices in Tennessee

AAATampa, FL Tennessee gas prices averaged $2.59 on Sunday. See today’s price

The state average is the same as last week, and 22 cents less than the national average. However, Tennessee motorists are paying 47 cents more per gallon than this time last year. 

The rising price of oil may drag gas prices higher this week. Oil prices reached a new 2018 high, on the belief that President Trump may pull out of the Iran Nuclear Deal. Such a move would likely reinstate sanctions, resulting in reduced global supply, and higher fuel prices. 

Oil Prices may rise on Iran Nuclear Deal.

Oil Prices may rise on Iran Nuclear Deal.

Highest and Lowest Gas Prices in Tennessee

  • The most expensive gas price averages in Tennessee are in Kingsport-Bristol ($2.65), Johnson City ($2.63), Jackson ($2.63)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.53), Knoxville ($2.55), Clarksville-Hopkinsville ($2.56)

About half the price of what you pay at the pump is determined by the price of oil. Last week, crude rose more than a dollar, which usually equates to a 2.5 cent increase at the pump. Friday’s closing price of $69.72 per barrel is the highest daily settlement since November 2014. At that time, gas prices averaged around $2.80 nationwide and in Florida, $2.72 in Georgia, and $2.59 in Tennessee – which are about the same as what motorists are paying at the pump today. 

President Trump has until May 12th to decide whether to extend the existing Iranian Nuclear Deal, or restore penalties on one of the world’s biggest oil producers. Restoring sanctions could eliminate 1 million barrels of Iranian oil per day, further constricting supplies in what is already considered to be a tight global market. Until a decision is made, the oil market remains restless; inching toward a $70.00 per barrel threshold, which hasn’t been breached since November 26th, 2104. 

“Preliminary projections had gasoline averaging around $2.75 this summer,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “However, all bets are off right now, pending the President’s decision on the Iranian Nuclear Deal. Gas prices were relatively stagnant last week, but we could see a slight boost, based on oil price gains last week and the potential for additional hikes in the coming days.”

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.

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.813 $2.814 $2.808 $2.662 $2.354 $4.114 (7/17/2008)
Florida $2.725 $2.727 $2.737 $2.623 $2.375 $4.079 (7/17/2008)
Georgia $2.720 $2.723 $2.728 $2.578 $2.228 $4.164 (9/15/2008)
Tennessee $2.590 $2.590 $2.589 $2.464 $2.124 $4.118 (9/15/2008)
Click here to view current gasoline price averages

 

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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 9.5 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 58 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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