According to AAA the average price for a gallon of regular unleaded gasoline in Coffee County is $2.95. That price is 14 cents below the state average and 61 cents below the national average, which is $3.56.
Gas prices across the state held relatively steady over last week, moving only a penny less expensive. The Tennessee Gas Price average is now $3.09 which is seven cents less expensive than one month ago and $1.03 less than one year ago.
“While gas prices in Tennessee held steady over the past week, Tennessee made big moves in the market and is now the second least expensive state in the country for gas prices,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Right now we’re seeing a lot of fluctuation in pricing across the country, and that’s likely to continue through this week. Even though we’re experiencing lighter demand than we were during the July 4th holiday, we’re also seeing crude oil prices creep higher. If oil prices continue to rise, it’s likely that pump prices will follow suit.”
- 40% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.88 for regular unleaded
- The highest 10% of pump prices are $3.47 for regular unleaded
- Tennessee is the 2nd least expensive market in the nation
National Gas Prices
Despite a notable cratering in gas demand in the days since the July 4th holiday, pump prices crept higher over the past week by two cents to reach $3.56. The main culprit is a higher price for oil, which moved from the upper $60s per barrel recently to the mid-$70s.
According to new data from the Energy Information Administration (EIA), gas demand decreased significantly from 9.6 to 8.76 million b/d last week. Meanwhile, total domestic gasoline stocks stayed flat at 219.5 million bbl. Although lower gas demand typically pushes pump prices lower, rising oil prices have lifted them. If oil prices continue to rise, pump prices will likely follow suit.
Today’s national average of $3.56 is a penny less than a month ago and 97 cents less than a year ago.