Tennessee Gas Price average today is $2.33, which is two cents more than last week, seven cents less than one month ago and 32 cents less than this time last year. Today's national average of $2.64 is one penny more than last week, two cents more than last month but 21-cents cheaper than last year.
U.S. refinery utilization dropped to its lowest rate - 83% - since Sept. 2017, tightening gasoline supplies and causing nearly half of all state gas price averages to increase on the week. AAA reports these weekly trends in pump price fluctuation:
• Nearly half (22) of all states saw gas prices increase with nine state averages jumping a nickel or more
• 19 states saw gas prices decrease with the majority seeing one to two cent declines
• 10 state averages held steady
"Peak refinery maintenance season has caused volatility across the country," said Jeanette Casselano, AAA spokesperson. "Motorists can expect fluctuations at the pump likely through the end of the month due to ongoing maintenance and tighter gasoline supply."
Oil Market Dynamics
At the close of Friday's formal trading session on the NYMEX, WTI decreased 15 cents to settle at $53.78. Crude prices mostly fell last week. When compared to last year's rate at this time, crude production is up by 1.7 million b/d this year. Additionally, trade tensions between China and the U.S. continue to worry the market, putting downward pressure on prices. If trade tensions continue, prices could take another step back this week.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile