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AAA: TN gas prices stabilize; below average prices in Coffee County

Gas prices across Tennessee stabilized over the last week, with today’s state gas price average the same as one week ago. The Tennessee Gas Price average is now $3.85 which is nearly 18 cents less expensive than one month ago and $1.16 more than one year ago.  

The average price in Coffee County has actually dipped significantly below the state average – currently sitting at $3.75 per gallon, according to AAA. That is 10 cents below the state average and 37 cents below the national average of $4.12.

The most expensive gas in the nation can still be found out west, coming in at an average of $5.68 per gallon in California.

“The rollercoaster ride at the pump is expected to continue this week,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “After a five-week decline in the Tennessee state average, gas price declines slowed over last week and stabilized over the weekend. The fluctuating price of crude oil remains the biggest factor influencing pump prices. It’s likely that Tennesseans will catch a break from last month’s record-high pump prices, however, dramatic drops at the pump aren’t expected.”

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Quick Facts

· 91% of Tennessee gas stations have prices below $3.00 
· The lowest 10% of pump prices are $3.59 for regular unleaded 
· The highest 10% of pump prices are $4.16 for regular unleaded

National Gas Prices

The recent dip in pump prices has reversed, with the national average for a gallon of regular gas rising four cents over the past week to $4.12. Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer. These opposing forces are causing the oil price to hover around $100 a barrel.

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According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by nearly 1 million bbl to 232.3 million bbl last week. Gasoline demand increased slightly from 8.73 million b/d to 8.86 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 prices at the pump.

Today’s national average for a gallon of gas is $4.12, which is 12 cents less than a month ago, and $1.24 more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $1.72 to settle at $102.07. Crude prices weakened at the end of the day due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom. Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.

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