State average declines consecutively for 30 days
NASHVILLE, Tenn., (February 3, 2020) — Tennessee gas prices have dropped 16 cents in the last 30 days and are expected to trend even lower in the coming week. The Tennessee Gas Price average is $2.23 which is five cents cheaper than last week, 16 cents less than one month ago, and 20 cents more than one year ago.
“Gas prices are pushing cheaper for two reasons: crude oil prices are $10 less a barrel than one month ago and U.S. gasoline stocks sit at an all-time record high,” said Megan Cooper, spokeswoman, AAA - The Auto Club Group. “Cheaper crude and healthy stock levels mean motorists can expect prices to continue to decline this month.”
National Gas Prices
The national gas price average is $2.47, which is four cents cheaper than last week and 11 cents cheaper than the beginning of the year.
Motorists in at least a dozen states can find gas for less than $2/gallon. Those gas stations are mostly found in the South and Southeast.
Oil Market Dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI dropped by 58 cents to settle at $51.56. For the second week, crude prices have decreased as a result of increased market concerns regarding the growing impact of the coronavirus on global travel. If global travel demand decreases, global crude demand would likely follow suit and result in lower global crude consumption. If market concerns regarding the virus continue to grow this week, crude prices could drop again.
Tennessee Regional Prices
- Most expensive metro markets – Morristown ($2.31), Jackson ($2.29), Memphis ($2.29)
- Least expensive metro markets – Cleveland ($2.05), Chattanooga ($2.11), Clarksville ($2.16)
AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
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|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 AAA - 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, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina 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 60 million members in the United States and Canada 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.