Jump in gasoline demand drives down stock

04 November 2019

NASHVILLE, Tenn., ( Nov 4, 2019) — Tennessee Gas Prices are holding steady at $2.30 per gallon. Today’s average is the same as last week, five cents lower than last month and 24 cents less than one year ago. 

The national average is $2.60 which is unchanged from last week, but six cents cheaper than last month and 16-cents cheaper than last year at this time.

“Gas prices continue to fluctuate across the country, though on the week the majority of states saw prices only increase or decrease by one or two cents,” said Jeanette Casselano, AAA spokesperson. “The largest volatility at the pump continues to be seen in the West Coast & Rockies states along with a handful of states in the Great Lakes and Central region.”

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $2.02 to settle at $56.20. Although crude prices rose sharply on Friday, they mostly fell last week after EIA’s report showed that total domestic crude inventories increased by 5.7 million bbl last week, bringing the new total to 438.9 million bbl. The current level is 12.8 million bbl higher than last year’s level at this same time. Prices increased on Friday after the market expressed relief following U.S. Commerce Secretary Wilbur Ross’ announcement that the U.S. and China, the two largest oil-consuming countries in the world, are on track to complete phase one of their trade negotiations and a deal would likely be signed around mid-November. If trade tensions continue to subside, crude prices may continue to increase this week.

                                                           
                                                            
CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Monday Sunday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.608 $2.608 $2.603 $2.663 $2.764 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.306 $2.305 $2.305 $2.359 $2.549 $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.