It’s Nearly Summer, But Pump Prices Are Dropping Fast

17 June 2019

NASHVILLE, Tenn., (June 17, 2019) — Tennessee’s state average gas price is $2.35 per gallon for regular unleaded, which is seven cents less than a week ago, 20 cents less than one month ago and 19 cents less than one year ago.

Today’s national average is $2.68, which is six cents cheaper than last week, 17 cents less than last month and 20 cents less than the same time last year.

“The national average dropped six cents last week, following a consistent downward trend since Memorial Day, said Stephanie Milani,” Tennessee Public Affairs Director, AAA – The Auto Club Group. “The decline is unusual for this time of year. Typically, increased demand puts strain on supply and the imbalance pushes pump prices higher. This year however, gasoline stocks have remained consistent thanks to strong domestic outputs and healthy imports, which help push pump prices lower.”  

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 23 cents to settle at $52.51. Crude prices increased late last week as a result of an attack on two tankers in the Gulf of Oman. This attack heightened market fears that rising tensions could continue in the Middle East and negatively impact crude oil availability. Approximately 20% of global crude supplies flow through the waterway. The Trump Administration attributed the attack to Iran, however, the country denies the accusation. If tensions between the U.S. and Iran escalate, the market will likely continue pushing global crude prices higher.

 Before market fears increased, the price of crude hit its lowest point in six months last week. The drop in crude oil prices was supported by EIA revealing that total domestic crude inventories grew again by 2.2 million bbl and now sit at 485.5 million bbl. The current level is 53 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.

 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 $2.685 $2.689 $2.746 $2.859 $2.894 $2.97 (5/26/2018) $4.11   (7/17/2008)
Tennessee $2.356 $2.365 $2.421 $2.554 $2.642 $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.