For the second time this year, the Tennessee Gas Price average saw a week over week decrease – down a penny compared to last week. The Tennessee Gas Price average is now $2.68 which is 4 cents more than one month ago and $1.05 more than one year ago.
The average price in Coffee County is $2.65 per gallon of regular unleaded, which is 3 cents below the state average. The national average is $2.86.
“After a wild March, Americans are seeing a little stability at the pump. On the week, 40 states’ averages either increased or decreased by only a penny,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “Cheaper crude oil prices will likely help to keep price fluctuation low this week.”
· 77% of Tennessee gas stations have prices below $2.75
· The lowest 10% of pump prices are $2.48 for regular unleaded
· The highest 10% of pump prices are $2.96 for regular unleaded
National Gas Prices
Refinery utilization is at its highest measurement this year: 84%. This strong utilization rate, as measured by the Energy Information Administration (EIA), helped contribute to the addition of 4 million bbl of gasoline, pushing overall supply levels to 234.5 million bbl for the week ending April 2. The refinery and production increases amid a small decrease in demand and cheaper crude oil prices resulted in the national gas price average decreasing by a penny to $2.86 on the week.
For the first time in nearly two months, crude oil prices last week held below $60/bbl for five straight days. The cheaper price is a positive indicator for more stability at the pump.
With a 1.25% decrease, demand dropped slightly to 8.7 million b/d. That measurement is well above the 5.5 million b/d recorded one year ago, but still significantly lower than the 9.8 million b/d seen in early April 2019. AAA expects April demand to remain below levels from 2019, but see healthy increases from a year ago, when many Americans were quarantining.
Today’s national average is $2.86, which is cheaper on the week (−1 cent), but more expensive on the month (+3 cents) and year (+$1.00).