Price fluctuation is likely, but on trend for this time of year
NASHVILLE, Tenn., (March 2, 2020) — The Tennessee gas price average has decreased by two cents this week after a slight bump in gas prices the last two weeks. The Tennessee Gas Price average is now $2.21 which is three cents less than one month ago and the same price that we were experiencing at this time last year.
“Healthy stock levels and cheaper crude prices have alleviated pump price pains, “said Megan Cooper, spokesperson, AAA – The Auto Club Group. “However, maintenance season and the upcoming switchover to summer blend could break the downward trend in coming weeks, but we are also watching the impact of the coronavirus and what that could do to demand.”
National Gas Prices
At $2.43, the national gas price average is just one penny more expensive than gas prices at this time last year. Gas prices have not been cheaper year-over-year since before Thanksgiving last November. Today’s average is also four cents cheaper than both a week and a month ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased by $2.33 to settle at $44.76. Crude prices have not been this low since December 2018. The significant decrease in crude prices has been led by the growing impact of the coronavirus. The market continues to worry that the impact of the virus will lead to a reduction in global economic growth and global travel, with crude demand expected to decrease. Until it appears that the international public health threat from the virus decreases and China’s industrial sector recovers from the impact of the virus on production, crude prices are likely to continue facing downward pressure.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($2.26), Jackson ($2.25), Morristown ($2.24)
- Least expensive metro markets – Cleveland ($2.06), Chattanooga ($2.09), Clarksville ($2.15)
AAA GAS PRICE AVERAGES
(Price per gallon of regular unleaded gasoline)
|
|
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
National |
$2.435 |
$2.441 |
$2.474 |
$2.473 |
$2.425 |
|
Tennessee |
$2.211 |
$2.218 |
$2.232 |
$2.241 |
$2.217 |
|
Click here to view current gasoline price averages |
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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.