By Katie Northcott, News Director
According to the American Automobile Association, the average price of gas in Tennessee fell three cents, last week.
The full press release is published below.
Despite winter weather affecting a large portion of the state, the state gas price average fell three cents, on average, over last week. The Tennessee Gas Price average is now $2.51 which is a penny less expensive than one month ago and 29 cents less than one year ago.
“Although portions of the state experienced localized gasoline outages due to winter weather and power outages, overall prices remained steady last week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Prices will likely stay lower in the near term, though some volatility is still possible.”
National Gas Prices
The winter storm that wreaked havoc on most of the nation has led to supply disruptions and pushed up the national average for a gallon of regular gasoline to $2.87. Below-freezing temperatures and lingering snow have disrupted some crude production and refinery operations, while gasoline demand increased pre-storm as drivers filled up their tanks ahead of the severe winter weather. Those factors have led to a rise at the pump over the last week but not enough to match last year’s national average at this time of $3.09.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 7.83 million b/d to 8.75 million. Total domestic gasoline supply increased from 257 million barrels to 257.2 million. Gasoline production increased last week, averaging 9.6 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 82 cents to settle at $63.21 a barrel. The EIA reports crude oil inventories decreased by 2.3 million barrels from the previous week. At 423.8 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
Tennessee Regional Prices
Most expensive metro markets – Nashville ($2.59), Cleveland ($2.58), Jackson ($2.57)
Least expensive metro markets – Morristown ($2.38), Knoxville ($2.40), Clarksville ($2.43)
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 65 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on social media.
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