Tennessee gas prices are approaching their lowest levels of the year, and motorists should see additional discounts this week. Here in Murfreesboro, some discounters opened the week at $2.01 per gallon. That gives the CHEAPEST GAS AWARD again to Murfreesboro.
Just as retailers cut prices last week on Black Friday, the price of crude also dropped by more than 10 percent - for concerns that strong global oil production will overpower demand.
|TENNESSEE'S LOWEST GAS PRICES OF THE YEAR|
|Region||2018 Low||Sunday's Average|
|Johnson City||$2.23 (1/1/18)||$2.43|
Gas prices in Tennessee averaged $2.34 per gallon on Sunday, after dropping 8 cents in the past week. The average price in Tennessee has declined the past 45 consecutive days for a total discount of 35 cents. The lowest average price so far this year was $2.26/g, on January 1.
Average prices are at or near 2018-lows in metro areas like Chattanooga, Cleveland, Jackson, Knoxville, and Memphis. Click here and scroll down to find daily metro average gas prices.
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Johnson City ($2.43), Nashville ($2.43), and Jackson ($2.36)
- Least expensive gas price averages: Murfreesboro ($2.01), Cleveland ($2.17), Chattanooga ($2.22), and Knoxville ($2.27)
The national average price of $2.56 per gallon is 7 cents less than last week, nearly 30 cents less than last month, and the lowest daily average since March. Sunday's U.S. average price was 7 cents more than this year's low, of $2.49 set in January. However, the national average should drop below that point within the next week.
"Last week's crude price plunge adds even more weight to what was already strong downward pressure on prices at the pump," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "Tennessee motorists should see gas prices drop another 5-15 cents as a result. The state average will likely log a new 2018-low within the next 10 days. These falling prices are mostly due to record crude production rates from the U.S., Russia and Saudi Arabia. Unless the oil market quickly recovers, these low gas prices should hang around through the end of the year."
- Crude oil prices plunged another $6 per barrel last week - the equivalent of about 15 cents at the pump
- Friday's daily settlement of $50.42/b is the lowest since October 2017
- Domestic crude production holds steady at 11.7 million barrels per day (record high)
- The U.S., Russia, and Saudi Arabia are all producing crude at record levels
- Crude oil supplies increased again, by 1.1 percent (9th consecutive weekly gain)
- Gasoline dropped another 19 cents on the futures market
- Wholesale gasoline dropped another 5 cents last week
- Gasoline demand is also relatively steady
- Gasoline production was slightly lower than the week before
- Gasoline supply remains strong for the fall, 10 percent better than this time last year
Gas Price Tools
- GasPrices.AAA.com - Daily national, state, and metro gas price averages
- AAA Mobile app - Free app that compares gas prices near you
- Gas Cost Calculator - Determine how much gasoline will cost on your next road trip
CURRENT AND PAST PRICE AVERAGES
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||2018 Low||2018 High||Record High|
|National||$2.561||$2.567||$2.625||$2.837||$2.509||$2.49 (1/3/2018)||$2.97 (5/26/2018)||$4.11 (7/17/2008)|
|Florida||$2.425||$2.431||$2.495||$2.725||$2.463||$2.43 (Sunday)||$2.92 (5/25/2018)||$4.08 (7/17/2008)|
|Georgia||$2.393||$2.403||$2.478||$2.723||$2.365||$2.35 (1/2/2018)||$2.84 (5/27/2018)||$4.16 (9/15/2008)|
|Tennessee||$2.342||$2.349||$2.415||$2.619||$2.292||$2.26 (1/1/2018)||$2.73 (5/27/2018)||$4.12 (9/15/2008)|