State gas price average drops slightly in weekly report | Local News

Gas prices across Tennessee are trending lower this week after a run of record-setting prices at the pump.

The Tennessee Gas Price average was $4.59 Monday, according to AAA – The Auto Club Group, which is 30 cents more expensive than one month ago and $1.74 more than one year ago.

“After weeks of increasing gas prices, Tennesseans are finally catching a small break at the pump. Tennessee also moved up one spot this week to the seventh least expensive market in the nation,” said Megan Cooper, spokeswoman for AAA. “Oil and gasoline futures saw significant losses last week, likely tied to last week’s rate hike from the Federal Reserve bank, sparking fears of a possible recession. Falling crude oil prices and a drop in domestic demand are helping to limit pump price increases, however, the fuel market remains very unstable. Fluctuating pump prices still can’t be ruled out this summer.”

Quick Facts

• 24% of Tennessee gas stations have prices below $4.50

• The lowest 10% of pump prices are $4.40 for regular unleaded

• The highest 10% of pump prices are $4.87 for regular unleaded

• Tennessee is the seventh least expensive market in the nation

National Gas Prices

Since June 13, the national average for a gallon of regular gasoline decreased by three cents to $4.98. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks fell by 700,000 bbl to 217.5 million bbl last week. Meanwhile, gasoline demand decreased slightly from 9.2 million b/d to 9.09 million b/d. The slight drop in gas demand has helped to limit pump price increases. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated.

Monday’s national average for a gallon of gas was $4.98, 39 cents more than a month ago and $1.91 more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $11 to settle at $109.56. Crude prices dropped at the end of last week amid broad market concern regarding the potential for economic growth to slow after the US Federal Reserve raised the interest rate by 0.75%. Slower-than-expected economic growth could cause crude demand to decline, leading prices to follow suit. Crude prices decreased after the EIA reported that total domestic stocks increased by 1.9 million bbl to 418.7 million bbl last week. As a result, the current storage level is approximately 10% lower than a year ago.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at www.AAA.com/mobile.

Tennessee Regional Prices

• Most expensive metro markets – Jackson ($4.68), Nashville ($4.63), Memphis ($4.62)

• Least expensive metro markets – Chattanooga ($4.51), Cleveland ($4.55), Johnson City ($4.55)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

monday

sunday

week ago

month ago

One Year ago

Tennessee

$4,596

$4,601

$4,642

$4,294

$2,854

Chattanooga

$4,513

$4,521

$4,583

$4,271

$2,764

Knoxville

$4,586

$4,588

$4,599

$4,251

$2,874

memphis

$4,620

$4,622

$4,642

$4,315

$2,903

Nashville

$4,626

$4,633

$4,680

$4,320

$2,862

click here to view current gasoline price averages

.

Leave a Comment

Your email address will not be published. Required fields are marked *