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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 Tennessee Gas Prices Higher after Refinery Issues

July 16, 2018 | Email This Post Print This Post
 

AAA

AAATampa, FL Gas prices are trending lower after an small jump at the pump last week. Gas prices in Tennessee are 2 cents higher than a week ago. The state average of $2.63 is 10 cents less than this year’s high, yet remains 61 cents more than this time last year. 

Pump prices rose last week after reports surfaced of seven gulf coast refineries dealing with various operational issues.

Refinery Issues Push Gas Prices Higher. (AAA)

Refinery Issues Push Gas Prices Higher. (AAA)

Some of the issues have already been resolved, while others could take weeks.

For instance, the Motiva refinery – the largest in the country – suffered a mechanical outage to one of their catalytic crackers. This is the most important component for converting oil to other fuels.

The outage will likely cause reduced output from the plant, and may not be resolved until August.

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

  • The most expensive gas price averages in Tennessee are in Jackson ($2.67), Memphis ($2.66), and Nashville ($2.65)
  • The least expensive gas price averages in Tennessee are in Cleveland ($2.56), Chattanooga ($2.56), and Clarksville-Hopkinsville ($2.57)
Average Summer Gas Prices
  2014 2015 2016 2017 Today
National $3.57 $2.71 $2.23 $2.31 $2.88
Florida $3.50 $2.58 $2.19 $2.25 $2.80
Georgia $3.48 $2.57 $2.11 $2.18 $2.73
Tennessee $3.35 $2.45 $2.03 $2.08 $2.63

 

“Fortunately, fuel prices plunged on the stock market last week, which created adverse pressure to the rising prices caused by refinery issues,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “This sort of volatility at the pump is common during the summer driving season. The three most common reasons for increases during the summer are refinery outages, geopolitical tension, and hurricanes.”

On Wednesday, oil prices plummeted nearly $4.00 and gasoline futures fell 10 cents. Some of those losses were recovered by Friday with gasoline finishing even with the week before, yet oil remains $2.79 lower. The price for a barrel of WTI settled at $71.01 on the NYMEX; $3.14 less than this year’s high, set two weeks before. The slump in futures prices were the result of growing concerns of an international trade war, added strength in the U.S. dollar, lower gasoline demand numbers, and news that Libya would resume oil exports. 

Gas Price Tools

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.879 $2.882 $2.865 $2.904 $2.254 $4.114 (7/17/2008)
Florida $2.801 $2.808 $2.719 $2.768 $2.135 $4.079 (7/17/2008)
Georgia $2.727 $2.729 $2.721 $2.760 $2.146 $4.164 (9/15/2008)
Tennessee $2.629 $2.630 $2.610 $2.652 $2.024 $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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