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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 Declining for now

October 29, 2018 | Email This Post Print This Post
 

AAA

AAAKnoxville, TN – The average price in Tennessee for a gallon of regular unleaded gasoline is $2.60, which is five cents less than last week, two cents less compared to last month, and 35 cents more than a year ago. Gas prices are being pushed lower due to seasonal demand, winter-blend fuel, and falling crude prices. 

As motorists settle into the fall driving season, which will likely decrease demand for cheaper-to-produce winter blend gasoline, pump prices will likely continue to decline into next week.

Gas prices at the pump have declined over the past week.

Gas prices at the pump have declined over the past week.

“Motorists are enjoying a discount at the pump,” said Stephanie Milani, Tennessee Public Affairs Director, AAA – The Auto Club Group. “Gas prices have been pushed lower by oil prices and gasoline supplies. Current market fundaments show that drivers could see another 10-15 cent drop in the price of gas over the next few weeks.”

At the close of Friday’s formal trading session on the NYMEX, WTI decreased 26 cents to settle at $67.59. Crude prices have mostly fallen this week, following release of EIA’s weekly petroleum report that showed crude inventories increased for the fifth consecutive week.

Domestic crude inventories gained 6.3 million bbl to total 422.8 million bbl – a level not seen since the beginning of the driving season in June, according to EIA’s latest data. Continued growth in domestic crude bbl held in storage will likely cause prices to decline temporarily.

However, with pending U.S.-imposed sanctions on Iran’s crude exports set to go into effect on November 4th, lower crude prices may be short-lived as global supply tightens – amid robust global crude demand – later this fall.

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

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

  • Most expensive gas price averages: Nashville ($2.66), Jackson ($2.62), and Morristown ($2.62)
  • Least expensive gas price averages: Cleveland ($2.52), Chattanooga ($2.52), and Knoxville ($2.57)

Gas Price Tools

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.822 $2.828 $2.854 $2.875 $2.467 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.604 $2.610 $2.649 $2.623 $2.252 $2.73 (5/27/2018) $4.12  (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 9.6 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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