Tennessee gas prices dropped by a penny, on average, over the last week. The Tennessee Gas Price average is now $1.93 which is a penny less than one month ago and 41 cents less than one year ago.
“Decreases in U.S. gasoline demand, supply and imports helped push pump prices lower on the week,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “It's likely that motorists will continue to see pump prices decline this week.”
- 90% of Tennessee gas stations have prices below $2.00
- The lowest 10% of pump prices are $1.73 for regular unleaded
- The highest 10% of pump prices are $2.23 for regular unleaded
- Tennessee remains the 9th least expensive market in the nation
National Gas Prices
Gasoline demand, according to the Energy Information Administration (EIA), back tracked for the week ending Oct. 9, decreasing from 8.90 million b/d to 8.58 million b/d. Lower demand, even as total domestic stocks decreased by 1.6 million bbl to 225.1 million bbl and imports fell to their lowest rate since Sept. 18, has contributed to pump price decreases for the majority of the country.
Today’s national average is $2.16, which is two cents less than a week and month ago and 49 cents cheaper than last year.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by eight cents to settle at $40.88. Domestic crude prices decreased at the end of last week due to market concern regarding an increase in coronavirus infections worldwide. As more social restrictions are introduced, crude demand will likely decline. The price drop occurred despite EIA’s new weekly report showing that total domestic crude inventories declined by 3.8 million bbl to 489.1 million bbl. For this week, ongoing demand concerns could cause prices to decrease further.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($1.97), Nashville ($1.96), Jackson ($1.96)
- Least expensive metro markets – Chattanooga ($1.85), Cleveland ($1.88),