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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 reports Gas Prices slip as Crude Stocks Swell

October 22, 2018 | Email This Post Print This Post
 

AAA

AAANashville, TN – AAA says Gas prices in Tennessee have declined for the past 10 consecutive days – for a total discount of 4 cents during that time. Sunday’s state average of $2.65 is 3 cents less than a week ago. However, Tennessee gas prices remain 7 cents more than a month ago, and 37 cents more than this time last year.  

On average, Tennessee motorists spend $40.00 for a full tank of gasoline – $6.00 more than this time last year. 

Oil Prices Decline

Oil Prices Decline

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Nashville ($2.69), Jackson ($2.68), and Kingsport-Bristol ($2.66)
  • Least expensive gas price averages: Chattanooga ($2.57), Cleveland ($2.57), and Knoxville ($2.62)

“Motorists are getting a welcome reprieve from high prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Gas prices have been pushed lower by oil prices, which significantly declined during the past two weeks. The market is responding to strong gains in domestic oil supplies, easing global supply concerns. Motorists can expect additional declines at the pump if oil prices drop again this week.”

The crude market saw mostly losses last week following EIA’s weekly petroleum report, which showed domestic crude inventories grew by 6.5 million barrels. Total crude inventories now sit at 416.4 million bbl, marking the fourth week of consecutive growth and highest level since late June.

The larger-than-expected growth in crude levels jolted the market, which had seen prices steadily rising due to concerns about U.S.-Saudi Arabia relations and upcoming U.S.-imposed sanctions on Iran’s crude exports.

  • U.S. crude prices dropped $5.00 during the past two weeks, a decline that usually triggers a 12.5 cent decline at the pump. 
  • WTI crude settled at $69.12/b Friday on the NYMEX
  • Gasoline futures prices dropped 17 cents during the past two weeks on the NYMEX
  • Wholesale gasoline declined nearly 20 cents during the past two weeks

Gas Price Tools

 

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Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.854 $2.859 $2.896 $2.852 $2.459 $2.97 (5/26/2018) $4.11   (7/17/2008)
Georgia $2.759 $2.763 $2.796 $2.715 $2.401 $2.84 (5/27/2018) $4.16   (9/15/2008)
Tennessee $2.649 $2.653 $2.679 $2.584 $2.278 $2.73 (5/27/2018) $4.12  (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 9.6 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 59 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. Visit AAA on the Internet at AAA.com.

 

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