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Information Articles for the Paris TN and Henry County Tennessee area

AAA reports Tennessee Gas Prices Hold Steady

June 25, 2020 | Email This Post Print This Post
 

AAANashville, TN – Tennessee gas prices, on average, increased slightly over last week – only rising nearly two cents. The Tennessee Gas Price average  is now $1.89 which is 20 cents more than one month ago and nearly 46 cents less than one year ago. 

“Demand levels are likely to ebb and flow in the coming weeks as people continue to be cautious about travel,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. As a result, pump prices will likely continue to increase, but at a slower rate through the end of the month.

Tennessee is the 9th least expensive Gas Market in the United States. (AAA)

Tennessee is the 9th least expensive Gas Market in the United States. (AAA)

Quick Facts

  • 93% of Tennessee gas stations still have prices below $2.00
  • The lowest 10% of pump prices are $1.72 for regular unleaded
  • The highest 10% of pump prices are $2.16 for regular unleaded
  • Tennessee is the 9th least expensive market in the nation

National Gas Prices

The rate at which gas prices are increasing across the country is slowing. Thirty states only saw an increase of a penny or two, causing the national average to push more expensive by three cents to $2.13 since last Monday.

The slower rate can be tied to demand. Measuring at 7.87 million b/d, gasoline demand saw a small week-over-week decline and continues to be significantly lower (21%) compared to this week last year.

Today’s national average is 19 cents more expensive than a month ago, but remains significantly cheaper – 53 cents – than a year ago.

National Oil Market Dynamics

At the end of Friday’s formal trading session, WTI increased by 91 cents to settle at $39.75 per barrel. Domestic crude prices increased at the end of last week amid increased market optimism regarding trade relations between the U.S. and China and greater focus on compliance with the production reduction agreement between the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, which has worked to cut global crude production by 9.7 million b/d since May 1st, 2020.

It remains unclear if OPEC’s agreement will extend into August; it is currently set to expire at the end of July. For this week, crude prices will likely remain volatile as the market assesses if global crude demand will decrease due to a spike in new coronavirus infections worldwide.

 

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Tennessee Regional Prices

  • Most expensive metro markets –  Nashville ($1.94), Cleveland ($1.90), Memphis ($1.89)
  • Least expensive metro markets – Knoxville ($1.83), Clarksville ($1.85), Chattanooga ($1.85)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$1.890

$1.886

$1.872

$1.686

$2.349

Chattanooga

$1.850

$1.856

$1.861

$1.663

$2.233

Knoxville

$1.826

$1.823

$1.835

$1.651

$2.327

Memphis

$1.899

$1.894

$1.863

$1.642

$2.336

Nashville

$1.937

$1.935

$1.928

$1.765

$2.416

Click here to view current gasoline price averages

 

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About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more.

ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.

For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.

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