Gas Prices Drop: $1.96 in 'Boro!

May 15, 2017 at 07:55 am by bryan


Here in the 'Boro, some discounters started the week with regular gas at $1.96 per gallon. Across Tennessee gas prices declined 2.5 cents in the past week. The state average declined for the 24th consecutive day on Sunday, for a total discount of 9 cents during that time.

The average price for a gallon of gasoline in Tennessee was $2.095 on Sunday, 24 cents less than the national average, according to AAA, whose data is collected from credit card swipes and direct feeds from 120,000 gas stations nationwide, in cooperation with OPIS and Wright Express. Gas prices are only 4.5 cents more than this time last year.

ADVERTISEMENT
  • The most expensive gas price averages in Tennessee are in Knoxville ($2.12), Nashville ($2.12), and Memphis ($2.10)
  • The least expensive gas price averages in Tennessee are in Chattanooga ($2.02), Clarksville-Hopkinsville ($2.06), and Johnson City-Kingsport-Bristol ($2.07)

"This unseasonable pump price plunge continued through the weekend, but shouldn't last much longer," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Although gas prices could slip a little lower this week, rising oil and gasoline futures prices have already caused that downward shift to stall in some markets. As we get closer to Memorial Day, the market will continue to be influenced by crude prices, refinery production rates and gasoline inventories as key indicators that will steer retail prices into the summer."

Energy prices pushed higher last week following updated EIA data showing increased demand and the biggest one week drawdown in crude stockpiles since December. This shift in fundamentals sent oil and gasoline futures prices high enough to likely cutoff downward momentum of prices at the pump. Oil prices settled at $47.84 on the NYMEX Friday - an increase of $1.62 from the week before. Meanwhile, gasoline futures prices settled at their highest price in two weeks. The energy market will continue to be swayed by supply and demand data released by the EIA. The outcome of an OPEC meeting later this month on whether to extend or modify production cuts will also have a major impact on the direction of prices.

Gas Price Tools for Reporters/Consumers

Market Movers

  • U.S. crude stocks dropped 1% - the largest weekly decline since the first week of December 2016. Inventories now sit at 522.5 million barrels - the lowest amount since the end of February.
  • Refinery utilization rates dropped by nearly two percentage points - hitting the lowest efficiency levels in about a month.
  • Gasoline demand grew by 2.7% over the previous week, but remains 2.4% below year ago levels.
  • Domestic crude production soared past the 9.3 million-b/d mark. Goldman Sachs predicts levels could exceed 10 million-b/d in Q2 2018.
  • Gasoline production rose to the highest level since December (+2.75%)

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

Sunday Saturday Week Ago Month Ago One Year Ago Highest Price on Record
National $2.338 $2.340 $2.350 $2.406 $2.220 $4.114 (7/17/2008)
Florida $2.322 $2.327 $2.369 $2.424 $2.192 $4.079 (7/17/2008)
Tampa $2.269 $2.276 $2.339 $2.391 $2.127 $4.009 (7/16/2008)
Georgia $2.193 $2.195 $2.225 $2.290 $2.162 $4.164 (9/15/2008)
Tennessee $2.095 $2.097 $2.120 $2.174 $2.051 $4.118 (9/15/2008)

Sections: News