Tennessee moves to the third least expensive market in the nation
Gas prices across the state held steady over last week. We’re starting this week with the same state gas price average as last week. The Tennessee Gas Price average remains at $2.70 which is five cents less expensive than one month ago and 49 cents less than one year ago.
“Tennessee currently has the third least expensive state gas price average in the country,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “While gas prices across the state remain low, we’re heading into a time of expected seasonal upward pressure on pump prices. Factors like refinery maintenance, increasing demand for gasoline, and the switch to summer blend gasoline typically keep upward pressure on pump prices throughout Spring.”
National Gas Prices
After weeks of little movement, the national average for a gallon of gas increased by about five cents since last week to $3.12. Even though the price of crude oil remains below $70 a barrel, prices at the pump are going up as more refineries make the seasonal switch to summer-blend gasoline. Summer-blend gas is less likely to evaporate in warmer temperatures and is more expensive to produce.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 9.18 b/d last week to 8.81. Total domestic gasoline supply decreased from 241.1 million barrels to 240.6. Gasoline production increased last week, averaging 9.6 million barrels per day.
Today’s national average for a gallon of gas is $3.12, two cents lower than a month ago and about 41 cents lower than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 26 cents to settle at $67.16 a barrel. The EIA reports that crude oil inventories increased by 1.7 million barrels from the previous week. At 437.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($2.77), Memphis ($2.77), Johnson City ($2.73)
- Least expensive metro markets – Chattanooga ($2.59), Clarksville ($2.61), Cleveland ($2.62)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
Monday Sunday Week Ago Month Ago One Year Ago Tennessee $2.702 $2.688 $2.701 $2.755 $3.193 Chattanooga $2.595 $2.576 $2.602 $2.622 $3.187 Knoxville $2.688 $2.686 $2.687 $2.777 $3.082 Memphis $2.772 $2.767 $2.757 $2.801 $3.212 Nashville $2.731 $2.695 $2.734 $2.761 $3.264 Click here to view current gasoline price averages
