Lower prices to continue into early June

28 May 2019

NASHVILLE, Tenn., (May 28, 2019) — Tennessee’s state average gas price is $2.52 per gallon for regular unleaded making it the seventh lowest average in the nation. Today’s average is two cents less than the average a week ago and six cents less than one month ago and 20 cents less than one year ago.

The national gas price average today is $2.82, one cents less than last week’s average, six cent less than one month ago and 14 cents less than this time last year. Today, 42 states and Washington, D.C. have gas price averages that are less expensive year-over-year, with Floridians (-31 cents) seeing the largest yearly change. Motorists in West Coast states are the exception, paying nearly double-digits more than last May to fill up.

“For the majority of the country, gas prices have declined by at least a nickel since the beginning of May,” said Stephanie Milani, Tennessee Public Affairs Director, AAA—The Auto Club Group. “Stable crude oil prices are helping to push down prices at the pump despite robust demand. This is a trend that should continue into early June.”

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 72 cents to settle at $58.63. Overall, crude prices saw a loss last week. Ample crude supplies and increased production, which hit a record high of 12.2 million b/d last week, has increased market expectations that supply tightening due to OPEC’s production reduction agreement and reduced crude exports from Iran and Venezuela may be overcome by increased export prowess as a result of the nation’s growing domestic crude supply. Market observers will await OPEC’s meeting on June 25 and 26 in Vienna, where the cartel will likely decide to extend the agreement it has in place with its partners for the remainder of 2019, to determine how much global crude supplies may tighten further.

                                                           
                                                           
CURRENT AND PAST PRICE AVERAGES

                                                                                     Regular Unleaded Gasoline

Tuesday Monday Week Ago Month Ago One Year Ago 2018 High Record High
National $2.827 $2.832 $2.845 $2.886 $2.967 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.521 $2.524 $2.541 $2.622 $2.726 $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.