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Tennessee 7th least expensive market in nation for gas

After holding steady for two weeks in a row, the Tennessee gas price average remains relatively unchanged this week with an increase of nearly a penny over last week. The Tennessee Gas Price average is now $2.90 which is a penny more expensive than one month ago and 96 cents more than one year ago. 

In Coffee County, the average price is at $2.84, which is 6 cents below the state average and 36 cents below the national average, which sits at $3.20.

“Global economic uncertainty and supply chain concerns caused by the lingering COVID-19 pandemic could be playing a role in keeping crude oil prices elevated,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “But, there may be some relief on the horizon due to the news that OPEC and its allies might ramp up production increases faster than previously agreed.”

Quick Facts

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92% of Tennessee gas stations have prices below $3.00
The lowest 10% of pump prices are $2.71 for regular unleaded
The highest 10% of pump prices are $3.16 for regular unleaded
Tennessee remains the 7th least expensive market in the nation

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by 85 cents to settle at $75.88. Crude prices increased on the week due to a stronger dollar and despite EIA’s recent report showing that total domestic crude inventories increased by 4.5 million bbl to 418.5 million bbl. For this week, prices could decline if OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, moves forward with an agreement to produce an additional 400,000 b/d in November. The collective previously decided in July to boost crude output by 400,000 b/d each month until at least April 2022 in a push to phase out 5.8 million b/d of existing production cuts. OPEC+ is meeting Monday via videoconference. The proposed increase would be in addition to the July boost.

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