The month of December continues to deliver discounts at the pump for U.S. motorists. The state's lowest prices continue to be in Murfreesboro with several discounters offering regular gas at $2.11 per gallon. Gas prices have slipped to 5-week lows, after declining non-stop for the past month.
Tennessee gas prices averaged $2.26 on Sunday. The state average declined 2.5 cents during the past week. Prices are 7 cents less than a month ago, but remain 21 cents higher than this time last year.
- The most expensive gas price averages in Tennessee are in Jackson ($2.36), Memphis ($2.30), and Nashville ($2.29)
- The least expensive gas price averages in Tennessee are in Murfreesboro ($2.11), Chattanooga ($2.14), Cleveland ($2.16), and Clarksville-Hopkinsville ($2.21)
"Seasonal trends like reduced gasoline demand and increased fuel supply are allowing pump prices to keep moving lower," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The first half of December is normally characterized by weak demand, as cold weather and shorter days cause Americans to drive less. Look for another week of declines as refineries continue to produce gasoline at a much higher rate than what is being consumed."
Weekly supply figures showed a large build in gasoline availability and lower demand. Gasoline inventories rose by 6.78 million barrels last week, the biggest increase since January. Meanwhile, domestic crude oil production moved above the 9.7-million-b/d mark for the first time since 1971. The growth in these fundamentals are bearish for long term oil prices, which analysts from OPIS believe could soon see a significant drop back to $50/b, due to reduced global demand during the winter. The price for a barrel of oil settled at $57.36 per barrel on Friday - $1 less than the week before.
Gas Price Tools for Reporters/Consumers
- GasPrices.AAA.com - Daily national, state, and metro gas price averages.
- AAA Mobile app - Free app that shows current prices at a gas station near you.
Highs and Lows of 2017*
- National: the highest average price for gasoline was $2.67 on September 8. The lowest was $2.23 on July 5.
- Florida: the highest average price in was $2.73 on September 9. The lowest was $2.13 on July 17.
- Georgia: the highest average price was $2.76 on September 12. The lowest was $2.08 on July 5.
- Tennessee: the highest average price was $2.60 on September 10. The lowest was $1.99 on July 5.
CURRENT AND PAST PRICE AVERAGES
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