Gasoline demand increases as state phased reopening begins
The Tennessee Gas Price average is up this week after declining for nearly 10 consecutive weeks. The state gas price average is now $1.60 which is six cents more expensive than last week, four cents less than one month ago and 98 cents less than one year ago.
“Tennessee motorists are seeing the first increases at the pump since late February,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “The boost in demand as the state begins its phased reopening is helping to push pump prices higher across the state.”
Quick Facts
- 33% of TN filling stations have sub-$1.50 gas prices
- Tennessee is the 9th least expensive market in the nation
- Tennessee gas prices declined for 69 consecutive days for a total discount of 70 cents per gallon
- The lowest 10% of pump prices are $1.37 for regular unleaded
- The highest 10% of pump prices are $1.94 for regular unleaded
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($1.75), Jackson ($1.61), Chattanooga ($1.60)
- Least expensive metro markets – Kingsport ($1.48), Memphis ($1.51), Johnson City ($1.52)
National Gas Prices
The national gas price average is six cents more expensive on the week at $1.84, but still cheaper on the month and year – three cents and $1.02 less, respectively. Regardless of the national increase, 40 states still have averages of $2.00 or less per gallon.
The Energy Information Administration’s (EIA) latest data report showed demand for gasoline increased by 800,000 b/d to 6.7 million b/d last week, which is 3.2 million b/d less than last year at this time. Gas demand is expected to continue to grow, leading pump prices to continue their increase.