Retail prices drop seven cents on the week

10 June 2019

NASHVILLE, Tenn., (June 10, 2019) — Tennessee’s state average gas price is $2.42 per gallon for regular unleaded making it the seventh lowest average in the nation again this week. Today’s average is six cents less than the average a week ago and 16 cents less than one month ago and 21 cents less than one year ago.

The national gas price average today is $2.74, seven cents less than last week’s average, 13 cent less than one month ago and 18 cents less than this time last year.

“Pump prices are falling due to cheaper crude oil and healthy domestic supply keeping up with demand,” said Stephanie Milani, Tennessee Public Affairs Director, AAA – The Auto Club Group. “The national average is poised to fall again this week—perhaps to $2.70—an indication that prices this summer may have not reached the lowest level of the season.”

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by $1.40 to settle at $53.99. Crude prices increased Friday after Saudi Arabia’s Energy Minister Khalid al-Falih told an audience at a conference in Russia that OPEC and its partners are close to an agreement to extend their current 1.2 million b/d production reduction pact through the end of 2019. The cartel is expected to formally announce its decision at its upcoming meeting in Vienna on June 25 and 26. The price increase followed a week of losses for crude due to EIA’s weekly petroleum status report showing that total domestic crude inventories rose by 6.8 million bbl last week. At 483.3 million bbl, the current level is 46.7 million bbl higher than last year’s level at this time. An oversupply of crude has increased concerns that the market has a glut of oil -- even as U.S.-imposed sanctions on Iran and Venezuela have worked to reduce global supply. Market observers will await OPEC’s meeting to determine how much global crude supplies may tighten further. If the glut persists, crude prices will likely continue to decline.

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 $2.746 $2.750 $2.813 $2.872 $2.920 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.421 $2.430 $2.488 $2.588 $2.673 $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.