AAA: TN Gas Prices Likely to Level Out

NASHVILLE, Tenn., (May 4, 2020) — The Tennessee gas price average continues to decline and has dropped two cents since this time last week. The Tennessee Gas Price average is now $1.54 which is nearly 17 cents less than one month ago and nearly $1.07 less than one year ago.

"As parts of the state move towards a phased reopening, we expect to see more drivers on Tennessee roadways," said Megan Cooper, spokesperson, AAA - The Auto Club Group. "This will likely cause pump prices to fluctuate and level out over the next week."

Quick Facts

• 53% of TN filling stations have sub-$1.50 gas prices
• TN gas prices have declined for 68 consecutive days for a total discount of 70 cents per gallon
• Tennessee is the 10th least expensive market in the nation
• The lowest 10% of pump prices are $1.28 for regular unleaded
• The highest 10% of pump prices are $1.94 for regular unleaded

National Gas Prices

State gas price averages increased for less than a dozen states in the last week, but they were large enough jumps to push an increase to the national average. At $1.78, today's average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than last year at this time.

On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less. Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.

National Oil Market Dynamics

At the end of Friday's formal trading session, WTI increased by 94 cents to settle at $19.78 per barrel. Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million b/d production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers, including Russia, takes effect this month and next month. For this week, crude prices may continue to rise if EIA's report this week shows continued growth in gasoline demand and crude production and storage data show that global rebalancing efforts are helping to stabilize the market, as global crude demand remains low due to the ongoing COVID-19 pandemic.

Tennessee Regional Prices

• Most expensive metro markets – Nashville ($1.69), Morristown ($1.59), Jackson ($1.54)
• Least expensive metro markets – Cleveland ($1.42), Memphis ($1.44), Kingsport ($1.46)

TENNESSEE GAS PRICE AVERAGES
(Price per 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.