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Information Articles for the Paris TN and Henry County Tennessee area

AAA reports Tennessee Gas Prices Nearing 2018 Low

November 26, 2018 | Email This Post Print This Post
 

AAA

AAANashville, TN Tennessee gas prices are approaching their lowest levels of the year, and motorists should see additional discounts this week.

Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – for concerns that strong global oil production will overpower demand. 

Tennessee Gas Prices head to 2018 Lows according to AAA. (AAA)

Tennessee Gas Prices head to 2018 Lows according to AAA. (AAA)

Gas prices in Tennessee averaged $2.34 per gallon on Sunday, after dropping 8 cents in the past week.

The average price in Tennessee has declined the past 45 consecutive days for a total discount of 35 cents. The lowest average price so far this year was $2.26/g, on January 1st. 

Average prices are at or near 2018-lows in metro areas like Chattanooga, Cleveland, Jackson, Knoxville, and Memphis. Click here and scroll down to find daily metro average gas prices.

Tennessee’s Lowest Prices of the Year
Region 2018 Low Sunday’s Average
Tennessee $2.26 (1/1/18) $2.34
Chattanooga $2.19 (1/1/18) $2.22
Clarskville-Hopkinsville $2.20 (1/1/18) $2.34
Cleveland $2.17 (Sunday) $2.17
Jackson  $2.32 (1/1/18) $2.36
Johnson City $2.23 (1/1/18) $2.43
Kingsport $2.24 (1/1/18) $2.36
Knoxville $2.26 (2/25/18) $2.27
Memphis $2.28 (1/1/18) $2.31
Morristown $2.28 (3/13/18) $2.36
Nashville $2.28 (1/1/18) $2.43

 

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

  • Most expensive gas price averages: Johnson City ($2.43), Nashville ($2.43), and Jackson ($2.36)
  • Least expensive gas price averages: Cleveland ($2.17), Chattanooga ($2.22), and Knoxville ($2.27)

The national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. Sunday’s U.S. average price was 7 cents more than this year’s low, of $2.49 set in January. However, the national average should drop below that point within the next week. 

[320left]”Last week’s crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.

“Tennessee motorists should see gas prices drop another 5-15 cents as a result. The state average will likely log a new 2018-low within the next 10 days. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year,” stated Jenkins.

Fuel Fundamentals

  • Crude oil prices plunged another $6 per barrel last week – the equivalent of about 15 cents at the pump
  • Friday’s daily settlement of $50.42/b is the lowest since October 2017
  • Domestic crude production holds steady at 11.7 million barrels per day (record high)
    • The U.S., Russia, and Saudi Arabia are all producing crude at record levels
  • Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
  • Gasoline dropped another 19 cents on the futures market 
  • Wholesale gasoline dropped another 5 cents last week
  • Gasoline demand is also relatively steady
  • Gasoline production was slightly lower than the week before
  • Gasoline supply remains strong for the fall, 10 percent better than this time last year

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 Low 2018 High Record High
National $2.561 $2.567 $2.625 $2.837 $2.509 $2.49   
(Jan 3)
$2.97 
(May 26)
$4.11   (7/17/2008)
Florida $2.425 $2.431 $2.495 $2.725 $2.463 $2.43   (Nov 25) $2.92 
(May 25)
$4.08   (7/17/2008)
Georgia $2.393 $2.403 $2.478 $2.723 $2.365 $2.35 (Jan 2) $2.84 
(May 27)
$4.16   (9/15/2008)
Tennessee $2.342 $2.349 $2.415 $2.619 $2.292 $2.26   
(Jan 1)
$2.73 
(May 27)
$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.

 

[320center]

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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