(MURFREESBORO) Oil prices hit a new low last week, further fueling the plunge at the pump. Gas prices in Tennessee dropped another 8 cents last week. Some discounters in Murfreesboro started the week at $2.17 per gallon (11/19/2018).
At $2.42 per gallon, the state average is the lowest since March, and only 16 cents higher than this year's lowest daily average price of $2.26/g.
|Thanksgiving Travel Volumes|
Thanksgiving gas prices in Tennessee will be slightly higher than last year. AAA forecasts more than 1.2 million Tennesseans will travel for Thanksgiving. Of those, 95 percent (nearly 1.2 million) will drive. By Thanksgiving Day, the state average should drop to $2.38/g, which is only 8 cents more than last year's holiday ($2.30).
|Thanksgiving Day Gas Price History|
|2013||2014||2015||2016||2017||5 Year Average|
Click here to view AAA's state and metro gas price averages
- Most expensive gas price averages: Nashville ($2.50), Johnson City ($2.47), and Jackson ($2.44)
- Least expensive gas price averages: Murfreesboro ($2.17), Cleveland ($2.29), Chattanooga ($2.32), and Knoxville ($2.36)
"Tennesseans can be thankful for strong oil production and supplies, which have set the table for some of the lowest gas prices of the year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The state average should carve-off another 5 cents before Thanksgiving, and eventually drop below $2.20/g before fully adjusting to recent oil and wholesale gas price declines. However, there is potential for oil prices to rise in December, depending on how markets respond to possible OPEC oil production cuts and sanctions against Iranian oil exports."
Weekly Fuel Data - U.S. Energy Information Administration
|Fuel Price Breakdown|
- Crude oil supplies increased 2.4 percent (8th consecutive weekly gain)
- Crude production reached a historic 11.7 million barrels per day - a 100,000 bpd increase from the week before
- Gasoline demand increased 1-percent
- Gasoline supplies dipped slightly by a little more than a half percent
- Gasoline production remains strong for this time of year
Motorists are beginning to find Sub-$2 gasoline at various filling stations in states with low gas taxes like Tennessee, Alabama, and Louisiana. However, there are currently zero states where the average price is anywhere near $1.99 per gallon. Oil prices would have to drop another $10-$15 per barrel, for sub-$2 gasoline to be prevalent. The state with the lowest average price in the country today is Missouri ($2.28/g).
- The national average price for gasoline was last below $2 per gallon in March 2016
- During that time, oil prices were in the high $30's
- Tennessee's average price for gasoline was last below $2 per gallon in July 2017
- During that time, oil prices were in the mid $40's
Early last week, the U.S. benchmark for crude oil dropped to $55.69 per barrel - the lowest since November 2017. By Friday, the daily settlement reached $56.46/b - which is still about $4/b less than last week, and $20/b less than this year's high, set last month.
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||$2.631||$2.640||$2.703||$2.872||$2.549||$2.49 (1/3/2018)||$2.97 (5/26/2018)||$4.11 (7/17/2008)|
|Tennessee||$2.423||$2.432||$2.496||$2.665||$2.321||$2.26 (1/1/2018)||$2.73 (5/27/2018)||$4.12 (9/15/2008)|