Tennessee gas prices continue to slowly decline, falling five cents on average over last week. The Tennessee Gas Price average is now $3.17 which is 28 cents less expensive than one month ago and 28 cents more than one year ago.
“While the national gas price average has reversed course and is now trending more expensive, gas prices here in Tennessee are still continuing to decline, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “There’s still downward pressure on pump prices in the market, however, Hurricane Ian has the potential to influence the market later in the week. The good news for Tennesseans, is that Tennessee’s gasoline is primarily provided by refineries in Texas and Louisiana, so it’s unlikely that the storm itself would cause local pump prices to spike.”
Quick Facts
- 20% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.91 for regular unleaded
- The highest 10% of pump prices are $3.54 for regular unleaded
- Tennessee is the 5th least expensive market in the nation
National Gas Prices
Gas prices rose a nickel over the past week, as the national average pump price hit $3.72. The main reason is higher regional prices on the West Coast and the Midwest due to refinery issues ranging from planned maintenance to a fire. But low domestic demand as fewer drivers fuel up and much lower oil prices have helped to blunt some of the impact. On Friday, the price of oil slipped below $80 a barrel for the first time since January, primarily due to fears of a recession-led global economic slowdown.
Meanwhile, according to data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million b/d to 8.32 million b/d last week. Moreover, according to the EIA, total domestic gasoline stocks increased by 1.6 million bbl to 214.6 million bbl. Although gasoline demand has decreased, tight supply and fluctuating oil prices have increased the national average price. However, if gas demand remains low pump price increases will likely be minimal.
Today’s national average of $3.72 is 14 cents less than a month ago but 54 cents more than a year ago.