AAA reports Tennessee Gas Price Average Declines Two Cents

Nashville, TN – The Tennessee gas price average declined two cents from last week. The Tennessee Gas Price average is now $1.92 which is seven cents less than one month ago and 46 cents less than one year ago. 

“Gasoline stocks declined over the week, but low demand helped push pump prices lower both locally and nationally,” said Stephanie Milani, Tennessee public affairs director, AAA – The Auto Club Group. “That trend is likely to continue into the fall as the season sees fewer road trips, especially amid the pandemic.”

Quick Facts

• 89% of Tennessee gas stations have prices below $2.00
• The lowest 10% of pump prices are $1.74 for regular unleaded
• The highest 10% of pump prices are $2.23 for regular unleaded
• Tennessee is the 8th least expensive market in the nation

National Gas Prices

The latest Energy Information Administration (EIA) report measures demand at 8.52 million b/d, which is a slight uptick from the previous week’s 8.48 million b/d. However, the small increase is still 850,000 b/d lower than last year at this time.

Today’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago. On the week, most states saw gas prices decrease or moderate fluctuations by a penny or two. A continued drop in demand will likely lead to pump prices continuing to decrease.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by six cents to settle at $40.25. Domestic crude prices declined due to increased market fears as coronavirus infections increase worldwide, which could impact crude demand. Before market fears emerged, there was some market optimism that domestic demand could be starting to stabilize after EIA’s latest weekly report revealed that total domestic crude inventories decreased by 1.6 million bbl to 494.4 million bbl.

Decreasing stocks could signal that supply and demand are rebalancing, while crude production decreased by 200,000 b/d to 10.7 million b/d. For this week, crude prices could decline further if demand concerns continue to worry the market.

 

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Tennessee Regional Prices

• Most expensive metro markets –  Nashville and Memphis ($1.95), Morristown ($1.94)
• Least expensive metro markets – Chattanooga ($1.85), Cleveland ($1.85), Clarksville-Hopkinsville (1.89)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

 

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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.

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