The estimated 37.5 million Americans who hit the road on Independence Day found the lowest gas prices for the holiday in more than a decade, 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. Here in the 'Boro, some discounters offered regular gas at $1.83 per gallon.
Although the national average of $2.23 was the lowest for the holiday in 12 years, state averages in the southeastern U.S. were the lowest in 13 years. On July 4, 2017, gas prices averaged $1.99 in Tennessee - 7 cents less than a year ago, and the lowest price for the holiday since 2004.
Tennessee's daily gas price averages are the lowest since December 2016. The state average declined for the 36th consecutive day on Tuesday, for a total of 12 cents since May 29.
Tennessee ranks 5th among states with the lowest average price for regular unleaded. On June 29, the state average dropped below $2 a gallon. Tennessee is now one of six states with gas prices averaging below $2 a gallon.
- The most expensive gas price averages in Tennessee are in Nashville ($2.04), Memphis ($2.04), and Clarksville-Hopkinsville ($1.98)
- The least expensive gas price averages in Tennessee are in Chattanooga ($1.89), Johnson City-Kingsport-Bristol ($1.96), and Knoxville ($1.97)
"Unfortunately the pump price plunge may soon come to an end," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "We are entering a 6-week period where demand is normally the strongest of the year. Plus, oil and wholesale prices made solid gains last week, reaching a level that should cause gas prices to level off. Motorists in some markets may see pump prices climb 5-10 cents in the next week or two as a result."
The oil market has steadily climbed during the past week after EIA data showed domestic oil production lowered by about 100,000 barrels per day, for the week ending on June 23. Moreover, last week Baker Hughes Inc. reported that for the first time in 24 weeks, the U.S. oil rig count declined by two - bringing the total rig count to 756. Neither of these declines are considered dramatic, but the sudden shift in fundamentals was enough to send oil prices higher. Market watchers will look to today's EIA data report to see if this trend continues, in hopes it will steer prices higher.
The price of crude rose for the 10th consecutive day Monday, settling at $47.07 per barrel. Crude prices are up $4.54 since reaching this year's lowest daily settlement of $42.53 on June 21.
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.
Fuel Fundamentals (Based on weekly data provided by the EIA) |
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CURRENT AND PAST PRICE AVERAGES
Regular Unleaded Gasoline
Sunday | Saturday | Week Ago | Month Ago | One Year Ago | Highest Price on Record | |
National | $2.232 | $2.234 | $2.254 | $2.376 | $2.272 | $4.114 (7/17/2008) |
Florida | $2.147 | $2.148 | $2.191 | $2.374 | $2.231 | $4.079 (7/17/2008) |
Tampa | $2.019 | $2.023 | $2.074 | $2.363 | $2.157 | $4.009 (7/16/2008) |
Georgia | $2.077 | $2.079 | $2.106 | $2.220 | $2.130 | $4.164 (9/15/2008) |
Tennessee | $1.994 | $1.996 | $2.009 | $2.106 | $2.060 | $4.118 (9/15/2008) |