19
April
2020
|
17:00 PM
America/Chicago

AAA: TN Gas Price Average Down $1 Compared to Last Year

38% of TN filling stations have gas prices below $1.50

NASHVILLE, Tenn., (April 20, 2020) — The Tennessee gas price average continues to decline and has dropped nearly 4 cents since this time last week. The Tennessee Gas Price average is now $1.59 which is nearly 35 cents less than one month ago and one dollar less than one year ago.

"One in four U.S. gas stations are selling gas for $1.49 or less," said Megan Cooper, spokesperson, AAA - The Auto Club Group. "Even with regional refinery rates dropping, we will continue to see gas prices decrease though potentially at a slower rate than the past few weeks."

Quick Facts

  • 38% of TN filling stations have gas prices below $1.50
  • TN gas prices have declined for 54 consecutive days for a total discount of 64 cents per gallon
  • TN gas price average is $1 less than this time last year

National Gas Prices

On the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03/gallon. Today, 20 states have pump price averages that are $1/gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark.

On the week, U.S. gasoline demand was stable at 5.1 million b/d as refinery rates dipped down to 69%, a level not reported by the Energy Information Administration (EIA) in more than a decade. Despite lower run rates amid low demand, gasoline stocks increased. Total U.S. stock levels measure at a record 262 million bbl – the highest weekly domestic stock level ever recorded by EIA, since it began reporting the data in 1990.

National Oil Market Dynamics

At the end of Friday's formal trading session, WTI decreased by $1.60 to settle at $18.12 per barrel. Crude prices were volatile last week in the wake of a historic 9.7-million b/d crude oil production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and its allies, including Russia. As oil inventories continue to grow around the globe and crude demand falls worldwide, crude prices have dropped dramatically as the public health, economic and financial impact of COVID-19 increases. Crude prices will likely remain volatile this week, as the market continues to assess how low crude prices could fall during the ongoing pandemic.

Tips for Disinfecting After Filling-Up Your Vehicle

  • When driving into a gas station, select a pump located at the end to minimize close contact with others filling their tank.
  • Use disinfecting wipes to wipe down the gas pump, screen and touchpad.
  • Use gloves, or if you don't have them, a plastic bag when touching the pump.
  • After filling-up, use wipes and hand sanitizer to wipe down your hands and credit card.

Tennessee Regional Prices

  • Most expensive metro markets – Nashville ($1.78), Morristown ($1.69), Jackson ($1.59)
  • Least expensive metro markets – Cleveland ($1.44), Memphis ($1.47), Chattanooga ($1.53)

TENNESSEE GAS PRICE AVERAGES

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$1.596

$1.599

$1.632

$1.943

$2.605

Chattanooga

$1.528

$1.538

$1.561

$1.858

$2.502

Knoxville

$1.595

$1.595

$1.630

$1.987

$2.617

Memphis

$1.472

$1.474

$1.488

$1.873

$2.581

Nashville

$1.768

$1.770

$1.814

$2.005

$2.659

Click here to view current gasoline price averages

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.