38% of TN filling stations have gas prices below $1.50
NASHVILLE, Tenn., (April 20, 2020) — The Tennessee gas price average continues to decline and has dropped nearly 4 cents since this time last week. The Tennessee Gas Price average is now $1.59 which is nearly 35 cents less than one month ago and one dollar less than one year ago.
“One in four U.S. gas stations are selling gas for $1.49 or less,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “Even with regional refinery rates dropping, we will continue to see gas prices decrease though potentially at a slower rate than the past few weeks.”
National Gas Prices
On the week, the national gas price average decreased by a nickel pushing the year-over-year savings to $1.03/gallon. Today, 20 states have pump price averages that are $1/gallon or more cheaper compared to last year, with another dozen states within a dime of reaching this mark.
On the week, U.S. gasoline demand was stable at 5.1 million b/d as refinery rates dipped down to 69%, a level not reported by the Energy Information Administration (EIA) in more than a decade. Despite lower run rates amid low demand, gasoline stocks increased. Total U.S. stock levels measure at a record 262 million bbl – the highest weekly domestic stock level ever recorded by EIA, since it began reporting the data in 1990.
National Oil Market Dynamics
At the end of Friday’s formal trading session, WTI decreased by $1.60 to settle at $18.12 per barrel. Crude prices were volatile last week in the wake of a historic 9.7-million b/d crude oil production reduction agreement for May and June 2020 between the Organization of the Petroleum Exporting Countries and its allies, including Russia. As oil inventories continue to grow around the globe and crude demand falls worldwide, crude prices have dropped dramatically as the public health, economic and financial impact of COVID-19 increases. Crude prices will likely remain volatile this week, as the market continues to assess how low crude prices could fall during the ongoing pandemic.
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Tennessee Regional Prices
TENNESSEE GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
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