17:00 PM

AAA: Rising Gas Stocks Put Downward Pressure on Winter Pump Prices

TN gas prices continue to trend downward

NASHVILLE, Tenn., (January 27, 2020) — The Tennessee Gas Price average is $2.28 which is four cents less than last week, 3 cents lower than one month ago, and 23 cents higher than one year ago. Prices are expected to slip even lower in the coming days.

Gas prices have continued to drop over the last week as gasoline stocks grew again, measuring at 260 million bbl – the highest stock level ever recorded by the Energy Information Administration (EIA) since it began recording the data in 1990.

"Increased total domestic stocks of gasoline have helped to ease pump prices," said Megan Cooper, Public & Government Relations Consultant, AAA - The Auto Club Group. "Typically, we see lower demand during this time of year. When combined with higher stock levels, pump prices usually decrease in response."

Oil Market Dynamics

At the close of Friday's formal trading session on the NYMEX, WTI dropped by $1.40 to settle at $54.19. Crude prices dropped last week after market concerns increased due to the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop further.

Regional Prices

  • Most expensive metro markets – Memphis ($2.33), Jackson ($2.33), Morristown ($2.33)
  • Least expensive metro markets – Cleveland ($2.12), Chattanooga ($2.17), Clarksville - Hopkinsville ($2.20)

(Price per gallon of regular unleaded gasoline)

Monday Sunday Week Ago Month Ago One Year Ago
National $2.51 $2.52 $2.55 $2.56 $2.26
Tennessee $2.28 $2.29 $2.32 $2.31 $2.05
Click here to view current gasoline price averages

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.

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.