The Tennessee gas price average has dropped a penny since last week. The Tennessee Gas Price average is now $1.93 which is nearly five cents more than one month ago and 60 cents less than one year ago.
“During the last month, demand has averaged about 8.6 million b/d while, gasoline stocks have steadily declined,” said Megan Cooper,spokesperson, AAA - The Auto Club Group. “Week by week, we are seeing mostly regional fluctuation at the pump based on gasoline supply and demand.”
Quick Facts
- 90% of Tennessee gas stations still have prices below $2.00
- The lowest 10% of pump prices are $1.75 for regular unleaded
- The highest 10% of pump prices are $2.22 for regular unleaded
- Tennessee remains the 9th least expensive market in the nation
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($1.98), Nashville ($1.97), Morristown ($1.96)
- Least expensive metro markets – Kingsport ($1.87), Cleveland ($1.88), Johnson City ($1.88)
National Gas Prices
The national gas price average held steady on the week at $2.19 as 1/3 of states saw gas prices decrease and only 10 states saw gas prices increase by two to four cents. State averages saw minimal fluctuation as demand roughly held steady over the last four weeks.
At 8.6 million b/d, the Energy Information Administration (EIA) measures demand at a 1% decrease week-over-week, 9% increase month-over-month and a 6% decrease year-over-year. Meanwhile, gasoline stocks measure at a 1% weekly decline, a 3% decrease month-over-month, but a 7% increase compared to last year.
National Oil Market Dynamics
At the end of Friday’s formal trading session, WTI decreased by 16 cents to settle at $40.59 per barrel. Domestic crude prices fell after EIA’s weekly report revealed that total domestic crude inventories decreased by 7.5 million bbl to 531.7 million bbl. Decreasing crude stocks could mean that crude production is beginning to meet demand, which could stabilize crude prices this week, as coronavirus outbreaks continue to grow worldwide