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Information Articles for the Paris TN and Henry County Tennessee area

AAA says Tennessee Gas Prices at 2 Year Low for the Holidays

December 24, 2018 | Email This Post Print This Post
 

AAA

AAANashville, TN – Christmas came early for millions of Americans hitting the road for the holidays. Tennessee gas prices, which are already at 2-year lows for this time of year, should drop even lower in the coming days; after the price of oil and wholesale gasoline tumbled on Thursday.

Tennessee Gas Prices are 14 cents less than the average price on Christmas Day 2017.

The Average Driver Saves $10.00 on a Full Tank of Gas, Compared to Summer. (AAA)

The Average Driver Saves $10.00 on a Full Tank of Gas, Compared to Summer. (AAA)

Although the state average is $2.09 per gallon, Tennessee motorists are finding pump prices well below $2.00 a gallon at various filling stations throughout the state, including Memphis, Knoxville, and Chattanooga.

On average, Tennessee drivers are paying $10.00 less for a full tank of gasoline, compared to when prices peaked last summer. During the past 10 weeks, pump prices plunged an average total of 60 cents. The state average could shed another 10-15 cents, before fully adjusting to recent crude price drops.

Christmas Day Gas Prices

AAA forecasts 2.5 million Tennesseans will take a road trip between now and New Year’s Day. An additional 123,000 drivers are expected on the road, compared to last year’s holiday season. That does not include travelers from out-of-state.

Summary

  • Tennessee’s daily average price is the lowest since July 2017
  • Travelers will find the lowest holiday gas prices in two years
  • 2.5 million Tennesseans will travel by automobile during the year-end holidays
  • The average cost for a full tank of gas is $10 less than what motorists paid in the summer
  • Today’s most expensive metro markets: Nashville ($2.19), Johnson City ($2.17), Jackson ($2.13)
  • Today’s least expensive metro markets: Chattanooga ($1.94), Cleveland ($1.98), Knoxville ($2.01)
  • Click here to view AAA’s state and metro gas price averages

 

An estimated 102.1 million Americans are forecast to travel via automobile between now and New Year’s Day. Nationwide, the average price for gasoline is $2.35 per gallon and falling (check today’s price).

[320left]Americans are paying $9.00 less for a full tank of gas, than they did when prices peaked in the summer. The national average has declined 13 cents this month, and a total of 55 cents since mid-October.

“A holiday road trip will become even more affordable, as AAA forecasts another round of falling gas prices,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Wholesale gasoline plummeted on Thursday, which will reduce the cost for retailers to buy and sell gasoline. Unless the market turns around, drivers should see gas prices fall another 5-15 cents, during their holiday road trips.”

Year End Holiday Travelers

What’s Driving the Price Drop?

  • The global oil market is considered oversaturated, as crude production from the U.S. and many other countries have hovered near record-highs, outpacing demand
  • There is uncertainty in the market about global economic growth, creating a bearish sentiment on fuel demand
  • Futures prices were dragged lower by virtue of weakness in equity markets, after the Federal Reserve added a quarter point to the benchmark interest rate on Wednesday, and concerns of a government shutdown were renewed on Thursday
  • Oil prices are the lowest since July 2017. The price for a barrel of WTI crude settled at $45.88 Thursday on the NYMEX
  • Gasoline futures are at 2-year lows (September 2016). RBOB dropped 6 cents on Thursday, and is down 11 cents on the week.
  • Wholesale gasoline prices dropped nearly 10 cents on Thursday

Gas Price Tools

 
[320center]

Current and Past Price Averages

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.360 $2.369 $2.399 $2.612 $2.429 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.090 $2.100 $2.147 $2.400 $2.219 $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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