Increasing demand and new state gas taxes push the national average higher

08 July 2019

NASHVILLE, Tenn., (July 8, 2019) — Tennessee’s state average gas price is $2.46 per gallon for regular unleaded, which is five cents more than last week’s average, but still two cents less than one month ago and 15 cents less than one year ago.

Today’s national average is $2.75, which is four cents more than last week, about the same as a month ago, but 11 cents less than one year ago.

“The majority of motorists can expect more expensive gas prices throughout July, but the national average is still not likely to hit $3/gallon,” said Stephanie Milani, Tennessee Public Affairs Director, AAA – The Auto Club Group. “In addition to rising gasoline demand, 13 states this month have introduced new gas taxes that have contributed to the national average increase. Those states include California, Connecticut, Illinois, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee ($0.01) and Vermont.”

 

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 17 cents to settle at $57.51. The fall in prices occurred despite EIA’s data showing that total domestic crude inventories fell by 1 million bbl to 468.5 million bbl. Moving into this week, if it appears that the U.S. and China are not closer to a trade resolution, crude prices could continue to decrease. However, if tension between the U.S. and Iran escalates, crude prices could surge amid market concerns of conflict in the Middle East, which could limit oil flows from the region.

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 $2.753 $2.755 $2.717 $2.758 $2.862 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.464 $2.466 $2.416 $2.438 $2.612 $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 9.6 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.