Continued refinery maintenance and higher crude prices may lead to volatility at the pump

28 October 2019

NASHVILLE, Tenn., (Oct. 28, 2019) — Tennessee Gas Prices are falling. The average price for gasoline today is $2.30 which is three cents less than a week ago, seven cents less than a month ago and 30 cents less than one year ago. The national average sits at $2.60. Compared to last week, the average is four cents less than a week ago, five cents less than one month ago and 21 cents less than a year ago. 

"Tennessee prices declined this week. However, drivers could still see price fluctuations in the coming weeks," said Stephanie Milani, Tennessee Public Affairs Director, AAA-- The Auto Club Group. "Across the nation, refineries are still conducting maintenance, and crude oil prices increased last week on word that domestic crude inventories fell.  As a result, motorists could see price volatility for the near future. Tennessee drivers are still paying 30 cents per gallon less than last year. Which means, they’re saving almost $5 on a full tank of gasoline."

Crude Oil Prices 

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 43 cents to settle at $56.66. Crude prices increased this week after EIA’s report revealed that total domestic crude inventories fell by 1.7 million bbl to 433.2 million bbl last week. Growth in crude exports last week from 3.24 million b/d to 3.68 million b/d helped to push crude inventories lower. When compared to last year at this time, this year’s export rate is 1.5 million b/d higher.

 

                                                           
                                                            
CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Monday Sunday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.603 $2.606 $2.648 $2.652 $2.818 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.305 $2.310 $2.331 $2.378 $2.600 $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.

About 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, 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 60 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.