Gas prices across Tennessee are continuing their downward trend this week. On average, gas prices across the state fell by nearly eight cents. The Tennessee Gas Price average is now $3.89 which is nearly 24 cents less expensive than one month ago and $1.21 more than one year ago.
“Gas prices are continuing to fall across the state, providing much needed relief at the pump for Tennesseans, ” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “If oil prices remain below $100 per barrel we can expect to see additional drops in pump prices again this week.”
The average gas price in Coffee County according to AAA is $3.88. That is one penny below the state average and 23 cents below the national average of $4.11.
Quick Facts
· 86% of Tennessee gas stations have prices below $4.00
· The lowest 10% of pump prices are $3.59 for regular unleaded
· The highest 10% of pump prices are $4.19 for regular unleaded
· All metro areas in the state now have a metro average below $4 per gallon
National Gas Prices
The cost of gasoline has continued to slide due to falling oil prices. The global oil market has seen lower prices since the U.S. and its allies agreed to significant releases of oil reserves. Also weighing down oil prices is the fear of resurgent COVID-19 infections in China and its potential for an economic slowdown in one of the world’s largest oil-consuming nations. Domestically, the national average for a gallon of gas has fallen to $4.11.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million bbl to 236.8 million bbl last week. Gasoline demand increased slightly from 8.5 million b/d to 8.56 million b/d. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing pump prices. Pump prices will likely face downward pressure if oil prices remain below $100 per barrel.
Today’s national average for a gallon of gas is $4.11, which is seven cents less than a week ago, 22 cents less than a month ago, and $1.25 more than a year ago.
The most expensive gas in the nation remains out west in California, where a gallon will cost you $5.76 on average.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $2.23 to settle at $98.26.
Overall crude prices declined last week following EIA’s weekly report, which showed U.S. crude oil inventories rose by 2.4 million bbl to reach 412.4 million bbl. For this week, crude prices could decline further if the EIA’s next report shows another increase in total domestic supply. Additionally, market watchers will be keeping a close eye on China’s COVID lockdown of Shanghai and the impact it may have on crude oil demand.
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile (https://u7061146.ct.sendgrid.net/ls/click?upn=vgPU0L08DtdYS96St647-2FWiju92RD0qJ52u24YCNHC8-3DWKW0_7Q9RAhmRMOAGK9TAwZe-2FcD8ApDKFdGlBoBa5sPSfoEcEA7eLjIo8rZa74yK-2Ba-2Bd6sp08FGsWGItGBek34SZIkE2vkAFcBOwGi3SfnSRzFUgZhkCvy9trz-2BQ5IKmf5-2FNGxEMFfKYXBnMVjXwYp9tp1KwRSzAk8xQURVvJML1OZNQsOywEai-2FPdEn0cTZMMGfgBEvQGXLUkuxKQ0uE0Pn3-2Bj2U60qSAz2-2BYPkS-2F7sX6YL4VZL9qsiVafyMuJHVt-2F9mgdeD2TJRuUDppq0omrq6CSGHHPSfMWYNal2pxpwF-2FjMlJ31KOnVqnziZwgK2sZlLz15HemWUAVm89tPfWNNTFJhLc1wGuXnDthYmmgZr2kQ-3D .
Tennessee Regional Prices
· Most expensive metro markets – Knoxville ($3.99), Morristown ($3.99), Memphis ($3.93)
· Least expensive metro markets – Clarksville ($3.81), Kingsport ($3.82), Chattanooga ($3.83)
