The Tennessee gas price average jumped 6 cents this week following a steady week of slow increases. The Tennessee Gas Price average is now $1.95 which is 24 cents more than one month ago and nearly 47 cents less than one year ago.
“The increase in gasoline demand contributed towards the state average’s six cent jump to $1.95. That average may continue to increase ahead of the Independence Day holiday weekend, however, travelers could find pump prices nearly 50 cents cheaper than last year’s holiday,” said Megan Cooper, spokesperson, AAA - The Auto Club Group.
- 90% of Tennessee gas stations still have prices below $2.00
- The lowest 10% of pump prices are $1.77 for regular unleaded
- The highest 10% of pump prices are $2.19 for regular unleaded
Summer Travel Outlook + Independence Day Gas Prices
AAA did not release an Independence Day holiday travel forecast this year, but does forecast that Americans will take 683 million road trips from July 1 – September 30. Before you hit the road for the holiday or a summer trip, AAA recommends:
- Make sure your vehicle is road trip ready – have your engine and oil levels checked.
- Include an emergency road kit in your vehicle with an extra cell phone charger, first-aid kit, a blanket, flashlight, basic tools, jumper cables, and gloves.
- Visit AAA’s COVID-19 Travel Restrictions Map at TripTik.AAA.com for the latest state and local travel restrictions.
- Pack face coverings, cleaning supplies and a thermometer.
- Take all necessary travel documentation, including health insurance cards.
Historical Tennessee Independence Day Gas Prices
(Price per gallon of regular unleaded gasoline)
- 2019 - $2.46
- 2018 - $2.61
- 2017 - $1.99
- 2016 - $2.06
- 2015 - $2.53
National Gas Prices
On the week, gasoline demand, as estimated by the Energy Information Administration (EIA), increased 10% from 7.8 million bbl to 8.6 million bbl. While the demand rate is much lower than a typical summer reading, it’s the highest recorded since late March showing continued signs that Americans are filling up more.
National Oil Market Dynamics
At the end of Friday’s formal trading session, WTI decreased by 23 cents to settle at $38.49 per barrel. Domestic crude prices pushed cheaper last week due to an increase in new coronavirus infections worldwide, which could suppress crude demand if stay at home orders increase. For this week, crude prices could continue to decline if the market continues to worry that efforts to stimulate the global economy will falter because of uncontained outbreaks.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($2.00), Cleveland ($1.98), Chattanooga ($1.96)
- Least expensive metro markets – Johnson City ($1.87), Kingsport ($1.88),