NASHVILLE — Gas prices moved less expensive across the state last week, falling 10 cents, on average. The Tennessee Gas Price average is now $3.83 which is 24 cents less expensive than one month ago and $1.14 cents more expensive than one year ago.
“Tennessee drivers are getting some welcome relief at the pump, with gas prices down 10 cents in just the past week,” said Megan Cooper, spokeswoman for AAA — The Auto Club Group. “The big question now is whether that relief continues, and a lot will depend on what happens with oil prices in the weeks ahead.”
Tennessee drivers are now seeing gas prices $1.14 more expensive compared to last year, which adds roughly $17 to the cost of filling a 15-gallon gas tank. The average Tennessee driver is currently paying nearly $58 to fill their gas tank. At this time last year, the average cost for a fill-up was around $40.
National Gas Prices
The national average for a gallon of regular gasoline is down six cents from last week at $4.29. Gas prices aren’t budging much as crude oil prices remain high, once again nearing $100 per barrel. The national average has stayed above $4 per gallon since late July and is currently more than a dollar higher than it was this time last year. The fall months typically bring lower gas prices, but volatility in the oil market has led to seasonal record highs this year.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.76 million barrels per day to 8.40 million. Total domestic gasoline supply increased from 204.7 million barrels to 208.3 million. Gasoline production decreased from 9.34 million barrels per day to 9.23 million barrels.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 95 cents to settle at $95.09 per barrel. The EIA reports that U.S. crude oil inventories decreased 8.6 million barrels to 415.6 million barrels, 3% below the five-year average.
Tennessee Regional Prices
• Most expensive metro markets: Jackson ($3.97), Memphis ($3.97), Knoxville ($3.82)
• Least expensive metro markets: Chattanooga ($3.65), Clarksville ($3.69), Cleveland ($3.71)
