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Tennessee gas prices fall nearly four cents

According to AAA, Tennessee is the sixth least expensive market in the nation as gas prices fell, on average, four cents per gallon over last week. This marks the third straight week of declines in the state gas price average.

The Tennessee Gas Price average is now $3.22 which is nearly 24 cents less expensive than one month ago and 33 cents more than one year ago.

“Tennessee gas prices are still declining, but at a much slower rate compared to the last two weeks, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Ongoing concerns that a global recession and potential U.S. interest rate hike could stifle global fuel demand are putting downward pressure on pump prices. However, certain factors – like geopolitical tensions and hurricane season – still have the potential to create uncertainty in the market and cause minor fluctuations in gas prices.”

In Coffee County the average cost for a gallon of gasoline is $3.15. That is 7 cents lower than the Tennessee average, and 52 cents under the national average.

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Quick Facts:

  • 65% of Tennessee gas stations have prices below $3.25
  • The lowest 10% of pump prices are $2.99 for regular unleaded
  • The highest 10% of pump prices are $3.56 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation

National Gas Prices:

Fewer drivers fueling up helped the national average pump price to drop four cents in the past week to reach $3.67. But it’s the smallest weekly decline in months and may signal that the streak of daily falling national average gas prices, approaching 100 days, is nearly finished.

Meanwhile, most of the country is now using less expensive winter blend gasoline, so modest pump price reductions have occurred. Only California has yet to make the switch, but that happens on November 1.

According to the Energy Information Administration (EIA), gas demand decreased from 8.73 million b/d to 8.49 million b/d last week. And total domestic gasoline stocks declined by 1.8 million bbl to 213 million bbl. Although gasoline demand has decreased, fluctuating oil prices have led to smaller pump price decreases. If oil prices spike, the national average will likely reverse as pump prices increase.

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Today’s national average of $3.67 is 24 cents less than a month ago but 48 cents more than a year ago

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