Tennesseans will find most expensive Memorial Day pump prices since 2014
NOTE: Due to the Memorial Day Holiday, next week’s gas price brief will be distributed on Tuesday, June 1.
NASHVILLE, Tenn., (May 24, 2021) — Tennessee gas prices are down by nearly two cents on the week as over 687,000 Tennesseans prepare to hit the road for Memorial Day Weekend.The Tennessee Gas Price average is now $2.88 which is 18 cents more than one month ago and $1.18 more than one year ago.
“Tennesseans planning to take a road trip this weekend for Memorial Day will see the most expensive prices at the pump since 2014,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “We’ve seen gas prices stabilize following the Colonial Pipeline shutdown, however, with the expected increase in travel demand we’re likely to see gas price fluctuations leading up to the holiday weekend.”
National Gas Prices
Motorists hitting the road this week to celebrate the unofficial kick-off to summer will be greeted with the most expensive Memorial Day weekend gas prices since 2014. The national average has stabilized following the Colonial Pipeline cyber-attack, but pump prices are likely to fluctuate leading up to the holiday weekend. Over the past weekend, the national gas price average declined a penny to $3.03, the first decrease in two weeks. While barely cheaper on the week, the average is 17 cents more than last month and $1.12 more expensive than last year.
While the Colonial Pipeline is back in operation and deliveries are in progress, some stations in the southeast continue to experience supply strain. This is likely to extend into the holiday weekend, but motorists will be able to fill-up.
“Holiday road trippers may come across some gas stations with low fuel supply in popular travel destinations, like beaches, mountains or national parks. However, markets are not expected to be fuel-less, like we saw in the wake of the pipeline shutdown,” continued Cooper.
AAA offers these road trip tips for Memorial Day travelers:
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $1.64 to settle at $63.58. While a stronger dollar contributed to higher prices for the day, on the week crude prices declined as the market remains concerned that increasing coronavirus infections around the world could reduce crude consumption this year. Additionally, new market concerns about inflation and the Energy Information Administration’s (EIA) weekly report revealing that total domestic crude inventories increased by 1.3 million bbl to 486 million bbl helped to reduce crude prices last week. If EIA’s next weekly report shows another increase in crude stocks, prices could decrease further this week.
Tennessee Regional Prices
Tennessee Gas Price Averages
(Price per 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 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 62 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.