79% of Tennessee gas stations have prices below $1.75
Tennessee motorists paid an average of $1.69 this Memorial Day - a nearly 82 cent discount over last year's holiday. Today's Tennessee Gas Price average is now $1.70 which is 14 cents more than one month ago and nearly 83 cents less than one year ago.
“Tennesseans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices – as well as crude oil prices – have been pushing more expensive” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year’s season.”
Quick Facts
- 79% of Tennessee gas stations have prices below $1.75
- The lowest 10% of pump prices are $1.53 for regular unleaded
- The highest 10% of pump prices are $2.00 for regular unleaded
- Two metro areas saw a double digit increase at the pump over the last week: Memphis (11 cents) and Knoxville (11 cents)
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($1.77), Jackson ($1.72), Morristown ($1.69)
- Least expensive metro markets – Cleveland ($1.64), Kingsport ($1.64), Clarksville ($1.65)
National Gas Prices
After dropping to a low of $1.76 in April, the national gas price average is pennies away from hitting the $2/gallon mark. Today’s average is $1.96, which is eight cents higher than a week ago, 19 cents more than last month, but still a significant 87 cents cheaper than the end of May 2019.
The more expensive pump prices can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34 per barrel – since the Administration declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions. While demand has been increasing since the end of April, it is down 28% compared to the first three weeks of May last year.
One factor that could cause a sudden spike in gas prices is the Atlantic hurricane season, which is June 1 through November 30. The National Oceanic and Atmospheric Administration predicts the 2020 season will be above-normal, potentially resulting in 13-19 named storms. An average Atlantic hurricane season typically produces 12 named storms, including 3 major hurricanes.