AAA reports Tennessee Gas Prices remain Steady

Nashville, TN – The Tennessee Gas Price average is now $1.91 – a penny increase over last week. Today’s state average is down one penny from last month and nearly 39 cents cheaper than this time last year. 

“Gasoline stocks hit their lowest level since the pandemic began and demand dipped on the week, down to 8.6 million b/d,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “These decreases typically lead to cheaper pump prices, but this summer we’ve seen atypical gas price trends.”

Quick Facts

• 91% of Tennessee gas stations have prices below $2.00
• The lowest 10% of pump prices are $1.73 for regular unleaded
• The highest 10% of pump prices are $2.22 for regular unleaded
• Tennessee remains the 8th least expensive market in the nation

National Gas Prices

At $2.18, the national gas price average increased by one cent on the week. That is the same price as a month ago and 41 cents cheaper than a year ago.

The Energy Information Administration recorded gasoline stocks at their largest one-week draw since May. Total stocks fell by 4 million bbl down to 243.7 million bbl. Year-over-year, stocks are at a 10 million surplus while demand sits 1.3 million b/d less. U.S refinery utilization rates continue to hover at 80%.

National Oil Market Dynamics

At the end of Friday’s formal trading session, WTI decreased by 48 cents to settle at $42.34 per barrel. Crude prices were supported by growth in the strength of the U.S. dollar. Additionally, domestic crude prices decreased despite EIA’s weekly report revealing that total domestic inventories decreased by 1.6 million bbl last week, lowering total stocks to 512.5 million bbl.

For this week, crude prices could increase, depending on the impact of Hurricane Laura and Tropical Storm Marcos. If crude production continues to decrease and stays offline for an extended period, crude prices could increase as supply tightens. 

 

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Tennessee Regional Prices

• Most expensive metro markets –  Memphis ($1.96), Jackson ($1.96), Nashville ($1.94)
• Least expensive metro markets – Chattanooga ($1.84), Cleveland ($1.85), Kingsport ($1.88)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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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