Tension in the Middle East continue to mount

22 July 2019

NASHVILLE, Tenn., (July 22, 2019) Tennessee’s state average gas price is $2.51 per gallon for regular unleaded, which is two cents less than last week’s average, 16 cents more than one month ago, but nine cents cheaper than one year ago.

Today’s national average of $2.79, is three cents less expensive than last Monday, ten cents more than a month ago but eight cents cheaper than last year. This is the first time in four weeks that the national average has seen a weekly decline.

“Gasoline stocks remain robust amid a recent dip in demand, which could be one reason we are seeing pump prices starting to roll back,” said Jeanette Casselano, AAA spokesperson. “It is too soon to know if this is a long-term trend, but it is certainly a welcome relief for motorists.”

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 33 cents to settle at $55.63. Crude prices mostly declined last week after the International Energy Agency (IEA) announced that it does not expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets. The IEA is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (bpd) from 1.2 million bpd due to a slowing global economy amid the continuing U.S.-China trade dispute. Concerns over the current excess of oil in the crude market overshadowed concerns of increasing tension in the Middle East, following the United States announcing on Thursday that a U.S. Navy ship had “destroyed” an Iranian drone in the Strait of Hormuz. However, Iran captured a British-flagged oil tanker in the region late on Friday, dramatically escalating tensions. If tension continues to mount, oil prices could spike this week in response to concerns that global supply flows may be disrupted.

Find Tennessee Gas Prices

State and metro averages can be found here

                                                           
                                                           
CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Monday Sunday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.676 $2.770 $2.792 $2.663 $2.840 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.515 $2.520 $2.532 $2.349 $2.609 $2.73 (5/27/2018) $4.12   (9/15/2008)
Click here to view current gasoline price averages

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.

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The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.9 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico 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 59 million members in the United States and Canada and 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.