79% of Tennessee filling stations have sub-$1.75 prices
The Tennessee gas price average continues to decline and has dropped six cents since this time last week. The Tennessee Gas Price average is now $1.63 which is 45 cents less than one month ago and 97 cents less than one year ago.
“We are seeing fast and furious gasoline demand destruction. The latest data reveals demand levels not seen since spring of 1968,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “Every U.S. region is seeing builds in gasoline inventories and crude storage, which is just driving pump prices even cheaper.”
- 79% of TN filling stations have sub-$1.75 gas prices
- TN gas prices have declined for 47 consecutive days for a total discount of nearly 61 cents per gallon
- Two metro areas have average prices below $1.50, Cleveland ($1.47) and Memphis ($1.49)
The national gas price average has steadily declined for seven weeks, pushing the average cheaper by 61-cents to $1.86 today. During this time frame (since late February), U.S. demand for gasoline has decreased 44% to 5 million b/d as gasoline inventories build across the country.
On Sunday, the Organization of the Petroleum Exporting Countries plus (OPEC+), led by Saudi Arabia, announced historic global crude productions cuts – nearly 10 million b/d in May and June.
“While the production cut is historic, it’s likely to not have an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic continues to have on crude oil prices and gasoline demand,” added Cooper.
At $1.86, today’s national average is 6-cents less than last week, 44-cents cheaper than a month ago and nearly $1 less than a year ago.