By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average price of gas in Tennessee fell 11 cents last week.
Find more details in the press release below.
Gas prices across the state moved less expensive over last week, falling 11 cents, on average. The Tennessee Gas Price average is now $3.77 which is 16 cents more
expensive than one month ago and $1.08 more expensive than one year ago.
“Pump prices across the state are moving less expensive due to significant drops in the price of crude oil,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “If crude oil prices remain low, it’s likely that we’ll see additional drops in pump pricing again this week. However, it’s important to note that there is continued uncertainty in the market surrounding supply concerns and restricted transit through the Strait of Hormuz. Any significant shifts in market conditions could affect crude oil pricing, and ultimately the price we pay at our local gas pumps.”
National Gas Prices
The national average for a gallon of regular gasoline decreased 8 cents over the past week to $4.04. After the recent announcement of a two-week ceasefire between the U.S. and Iran, the price for a barrel of crude oil has continued to trade below $100. However, maritime traffic transiting the Strait of Hormuz remains subdued as regional tensions persist and negotiations continue.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.56 million b/d to 9.08 million. Total domestic gasoline supply dropped from 239.3 million barrels to 232.9 million. Gasoline production increased last week, averaging 9.8 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 0.01 cent to settle at $91.29 a barrel. The EIA reports crude oil inventories decreased by 0.9 million barrels from the previous week. At 463.8 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.83), Nashville ($3.81),
Memphis ($3.79) - Least expensive metro markets – Chattanooga ($3.63), Cleveland
($3.70), Clarksville ($3.73)
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