After jumping up slightly on Halloween weekend, pump prices across Tennessee have since shifted lower. The Tennessee Gas Price average is now $3.28 which is eight cents less expensive than one month ago and 13 cents more than one year ago.
The average cost for a gallon of gasoline in Coffee County is $3.12 – a 10 cent drop from last week’s average.
“We’re seeing a pretty significant amount of fluctuation in state gas price averages across the country right now, ” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Despite the national gas price average moving higher this week, Tennessee gas prices are slowly but steadily trending lower again. Additional fluctuation cannot be ruled out for this week, however, it does seem likely that Tennesseans will continue to see a slight break at the pump over this week.”
- 46% of Tennessee gas stations have prices below $3.25
- The lowest 10% of pump prices are $3.04 for regular unleaded
- The highest 10% of pump prices are $3.63 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
- National Gas Prices
Despite fewer U.S. drivers fueling up, the national average pump price rose four cents over the past week to hit $3.80. Rising oil prices fueled by worries over Russian oil production cuts have renewed concerns about global supplies. But the rise could be short-lived as reports of new Covid-19 restrictions in China signal a potential economic slowdown for the world’s top oil-consuming nation.
According to data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.93 million b/d to 8.66 million b/d last week, and total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices. Pump prices could increase if supply remains tight alongside rising oil prices.
Today’s national average of $3.80 is nine cents less than a month ago and 38 cents more than a year ago.