Monday is the conclusion to what was the most expensive April for gas prices in four years. The new month begins with several 'Boro discounters offering regular gas at $2.49 per gallon--not the best buy in the state, but not the most expensive either. That's an increase of a penny from the previous week.
Gas prices in April
- The national average rose a total of 15 cents
- Tennessee's state average rose 13 cents
- The monthly national average of $2.72 was 33 cents more than April 2017
- Tennessee's monthly state average of $2.51 was 36 more than April 2017
|Average Gas Price in April|
Tennessee gas prices averaged $2.64 on Sunday. Click here to view today's average. Sunday's daily average is 5 cents more than last week, 18 cents more than last month, and 51 cents more than last year. It is also the highest daily average since September. The national average price of $2.81 is the highest in more than three years (November 2014).
- The most expensive gas price averages in Tennessee are in Kingsport-Bristol ($2.64), Nashville ($2.62), Johnson City ($2.61)
- The least expensive gas price averages in Tennessee are in Murfreesboro ($2.49), Chattanooga ($2.52),, Memphis ($2.55), Knoxville ($2.56)
"Although this was the most expensive April gas prices we've seen in years, fuel is still nearly a dollar less than what we paid in April 2014," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The higher prices at the pump are mainly a result of a tightening oil market, which leaves us prone to price hikes based on geopolitical tensions and supply shortage concerns. Crude prices are about 33 percent more expensive than they were this time last year. Expensive oil means expensive gasoline."
Strong Fuel Exports Prevent Significant Supply Builds; Gasoline Demand Declines
Fuel prices rose even after crude oil and gasoline supplies increased last week. Oil stocks rose 0.1 percent and gasoline climbed 0.4 percent. However, these gains would have been more significant had the U.S. not exported a record amount of fuel. Crude oil exports surged to 2.3 million barrels per day, shattering the previous record of 2.175-million, according to the Energy Information Administration's latest supply data. The main recipients of U.S. fuel exports were Central and South America, and firms in Europe and Asia. Despite U.S. oil production rates at 14 percent better than a year ago, inventory levels are down 10 percent.
Meanwhile, demand slipped last week, contributing to the growth in gasoline stocks. Gasoline demand sank to its lowest level in nearly two months, declining 8 percent from the previous week. Analysts are unsure whether this is a one-week quirk or if high gasoline prices are causing drivers to cutback.
Refinery maintenance season is not over yet, as evidenced by the latest EIA data dump. Crude runs fell by more than 300,000 barrels per day last week, dropping 4 percent below a year ago.
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.
CURRENT AND PAST PRICE AVERAGES
|Sunday||Saturday||Week Ago||Month Ago||One Year Ago||Highest Price on Record|