Tennessee moves to 8th least expensive market in the nation

16 November 2020

AAA: TN Gas Price Average Up Two Cents

Tennessee moves to 8th least expensive market in the nation

 

 

NASHVILLE, Tenn., (November 16, 2020) — Tennessee gas prices, on average, are up two cents this week - breaking a four week streak of declines. The Tennessee Gas Price average is now $1.87 which is seven cents less than one month ago and 46 cents less than one year ago. 

“Following a jump in demand, Tennessee broke its 29-day streak of declines and the state gas price average rose two cents,” said Megan Cooper, spokeswoman, AAA - The Auto Club Group. “However, with many states seeing rising COVID-19 case numbers and a number of officials warning against holiday travel, demand is likely to see a dip in coming weeks.”

 

Quick Facts

  • 92% of Tennessee gas stations have prices below $2.00
  • The lowest 10% of pump prices are $1.64 for regular unleaded
  • The highest 10% of pump prices are $2.18 for regular unleaded
  • Tennessee moved to the 8th least expensive market in the nation

National Gas Prices

With the majority of states seeing increases, the national gas price average pushed a penny more expensive. The overall weekly increases seen across the country are likely a reaction to the latest Energy Information Administration’s report showing increased demand (from 8.3 million b/d to 8.7 million b/d) while supply dwindled by 2.3 million bbl.

 

Despite the weekly increase, gas prices remain cheap both compared to last month (-5 cents) and last year (-48 cents).

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 99 cents to settle at $40.13. Domestic crude prices decreased at the end of the day due to rising coronavirus infections worldwide, which could lead to a decrease in crude demand as countries and states implement new measures to reduce transmission of the virus. For this week, crude prices may continue to decline if demand concerns continue to worry the market.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) last week released its revised outlook for world oil demand through the end of the year, estimating demand will reduce by approximately 300,000 b/d to 96.3 million b/d. The revision raised market expectations that the cartel and its allies, including Russia, will either agree to continue or increase current supply cuts when they meet on November 30 and December 1. Currently, OPEC and its partners in the production reduction agreement have agreed to cut crude output by 7.7 million b/d through the end of 2020. 

Tennessee Regional Prices

  • Most expensive metro markets –  Memphis ($1.92), Morristown ($1.90), Jackson ($1.89)
  • Least expensive metro markets – Chattanooga ($1.77), Clarksville ($1.83), Johnson City ($1.84)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$1.867

$1.870

$1.853

$1.938

$2.326

Chattanooga

$1.767

$1.772

$1.718

$1.866

$2.252

Knoxville

$1.839

$1.841

$1.840

$1.901

$2.316

Memphis

$1.922

$1.915

$1.907

$1.967

$2.342

Nashville

$1.889

$1.894

$1.875

$1.975

$2.357

Click here to view current gasoline price averages

 

About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.