The Tennessee Gas Price average is $2.35 which is two cents less than one week ago, but nine cents more expensive than last month and 35 cents less than this time last year. The national average price for gasoline is unchanged from last week at $2.65. Compared to a month ago, Monday's (10/7/19) average is 8 cents more expensive; compared to a year ago the national average is 26 cents cheaper today.

Most motorists around the country are seeing prices decline or stabilize, with the majority of states seeing gas prices decrease by as much as a nickel since last Monday. But significant price jumps in California (+16 cents on the week) have pushed prices higher for motorists in the region, as gasoline stocks tighten along the West Coast.

"All regions are seeing planned and unplanned refinery maintenance, but it is only the West Coast that is really seeing gasoline stocks tighten and gas prices increase," said Jeanette Casselano, AAA spokesperson. "On the whole, we are seeing gasoline demand mostly push lower amid stable, but healthy gasoline stock levels which are ultimately keeping prices cheaper for most motorists."

Today, 51% of all gas stations in the country are selling regular unleaded for $2.50 or less, while 77% are selling for $2.75 or less.

Crude Oil Prices

At he close of Friday's formal trading session on the NYMEX, WTI increased by 36 cents to settle at $52.81. Crude prices are ending the week lower after continued trade tensions between the U.S. and China worried market observers. Those fears grew after the World Trade Organization ruled that the U.S. could impose tariffs on imports from the European Union this week. Increased tariffs could reduce global crude demand, helping to push prices down even further while crude supplies continue to increase. In this week's EIA report, the agency reported that total domestic crude inventories grew by 3.1 million bbl last week. At 422.6 million bbl, crude stocks are 18.7 million bbl higher than where they were at this time last year.