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Tennessee now 7th least expensive market for gasoline

The Tennessee gas price average remains relatively steady, up nearly two cents from last week. The Tennessee Gas Price average  is now $1.92 which is four cents more than one month ago and 38 cents less than one year ago. 

However, Tennessee has dropped to the 7th least expensive market to purchase gas in the entire nation.

“Gasoline demand is down 14% year-over-year. The numbers we are seeing as of late are very similar to readings from May when many states were locked down and demand was very low,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “The fact is, Americans are filling-up less as states re-introduce travel restrictions and the pandemic lingers.”

Quick Facts

· 91% of Tennessee gas stations have prices below $2.00
· The lowest 10% of pump prices are $1.76 for regular unleaded
· The highest 10% of pump prices are $2.20 for regular unleaded
· Tennessee moved to the 7th least expensive market in the nation

National Gas Prices

Since the beginning of November, U.S. gasoline demand has softened. The Energy Information Administration’s (EIA) data shows demand measured at 8.7 million b/d for the week ending November 6. In their latest report, for the week ending December 4, demand measured at 7.6 million b/d. That is the lowest reading since the end of May and marks four weeks of straight decline. 

With softer gasoline demand, many states are seeing pump prices push cheaper, though at modest rates. Motorists are not seeing larger declines at the pump likely due to crude oil prices, which continue to trend around $46/bbl (WTI). However, crude prices have not pushed above this price point.

Regardless, amid low gasoline demand, high gasoline inventory and a resurgence in coronavirus cases, gas prices are not likely to see large increases. On the week, the national gas price average held steady at $2.16. That is also four cents less than last month and 40 cents cheaper than last year.

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