Tennessee gas prices moved less expensive over last week, falling five cents, on average. Tennessee also moved into the third least expensive state gas price average in the country. According to AAA, the Tennessee gas price average is now $3.06 which is five cents less expensive than one month ago and 32 cents less than one year ago.
The average price for a gallon of unleaded regular gasoline in Cocke County also decreased according to AAA, dropping from $3.06 per gallon last week to a current average of $3.04 per gallon.
“We saw another drop in oil prices last week and we’re starting to see concerns emerge that global fuel demand is softening,” said Megan Cooper, spokeswoman, AAA — The Auto Club Group. “If market conditions stay the same, it’s likely that we’ll see another break at the pump again this week. The even better news is that Tennessee has some of the cheapest gas prices in the country.”
National gas prices
Barely budging since June, the national average for a gallon of gas held steady at $3.50 last week. The national average has hovered around $3.50 per gallon since June 26th.
According to new data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.78 million b/d to 9.45 last week. Meanwhile, total domestic gasoline stocks fell from 233 to 227.4 million barrels. Gasoline production rose last week, averaging 10.2 million barrels per day. Higher gasoline demand but lower oil costs may keep pump prices relatively stable for now.
Today’s national average is $3.50, a penny more than a month ago but 24 cents less than a year ago.
National oil market dynamics
At the close of Wednesday’s formal trading session, WTI rose 63 cents to settle at $77.59 a barrel. The EIA reports that crude oil inventories decreased by 3.7 million barrels from the previous week. At 436.5 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee regional
prices
Most expensive metro markets — Jackson ($3.15), Nashville ($3.10), Memphis ($3.08)
Least expensive metro markets — Chattanooga ($2.97), Clarksville ($2.98), Morristown ($3.01)
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