Gas prices across the state steadily declined over last week, falling 11 cents, on average. The Tennessee Gas Price average is now $3.55 which is five cents more expensive than one month ago and 77 cents more expensive than one year ago.
“Lower crude oil prices continue to provide relief for Tennessee drivers by helping to push pump prices lower across the state,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “However, volatility in the global oil market remains a factor, and any significant shifts could place upward pressure on fuel costs. If crude oil prices remain stable, motorists may see additional savings at the pump this week.”
National Gas Prices
The national average for a gallon of regular gasoline fell nine cents this past week to $4.00. Crude oil prices are down in the $70 per barrel range amid optimism that the Strait of Hormuz will resume normal operations. Currently, half of states are paying below $4 per gallon on average. Gas prices typically start going down this time of year, as many schools and universities begin fall semesters, and fewer people are taking road trips compared to earlier in the summer.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 55 cents to settle at $75.22 a barrel. The EIA reports that crude oil inventories increased by 2.5 million barrels from the previous week. At 407 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.75), Memphis ($3.67), Kingsport ($3.56)
- Least expensive metro markets – Clarksville ($3.32), Chattanooga ($3.37), Cleveland ($3.47)