Prices are lower compared to last week, but still higher than a month ago

07 October 2019

NASHVILLE, Tenn., (October 7, 2019) — The Tennessee Gas Price average is $2.35 which is two cents less than one week ago, but nine cents more expensive than last month and 35 cents less than this time last year.  The national average price for gasoline is unchanged from last week at $2.65. Compared to a month ago, today’s average is 8 cents more expensive; compared to a year ago the national average is 26 cents cheaper today.  Most motorists around the country are seeing prices decline or stabilize, with the majority of states seeing gas prices decrease by as much as a nickel since last Monday. But significant price jumps in California (+16 cents on the week) have pushed prices higher for motorists in the region, as gasoline stocks tighten along the West Coast.

“All regions are seeing planned and unplanned refinery maintenance, but it is only the West Coast that is really seeing gasoline stocks tighten and gas prices increase,” said Jeanette Casselano, AAA spokesperson. “On the whole, we are seeing gasoline demand mostly push lower amid stable, but healthy gasoline stock levels which are ultimately keeping prices cheaper for most motorists.”

 

Today, 51% of all gas stations in the country are selling regular unleaded for $2.50 or less, while 77% are selling for $2.75 or less.

  

Crude Oil Prices

At he close of Friday’s formal trading session on the NYMEX, WTI increased by 36 cents to settle at $52.81. Crude prices are ending the week lower after continued trade tensions between the U.S. and China worried market observers. Those fears grew after the World Trade Organization ruled that the U.S. could impose tariffs on imports from the European Union this week. Increased tariffs could reduce global crude demand, helping to push prices down even further while crude supplies continue to increase. In this week’s EIA report, the agency reported that total domestic crude inventories grew by 3.1 million bbl last week. At 422.6 million bbl, crude stocks are 18.7 million bbl higher than where they were at this time last year.

                                                           
                                                            
CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Monday Sunday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.653 $2.654 $2.654 $2.565 $2.913 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.345 $2.350 $2.371 $2.263 $2.686 $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.