Cheapest Thanksgiving at the pump since 2015
NASHVILLE, Tenn., (November 30, 2020) — The Tennessee gas price average is trending higher this week after the Thanksgiving holiday. The Tennessee Gas Price average is now $1.89 which is four cents more expensive on the week, the same price as one month ago and nearly 42 cents less than one year ago.
“Tennesseans who took a holiday road trip last week found the lowest Thanksgiving gas prices since 2015,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “Gas prices averaged $1.88 on Thanksgiving Day, the same as five years ago and 43 cents cheaper than last year’s holiday.”
Tennessee drivers found the lowest gas prices for the month of November in 17 years. The monthly average was $1.87 per gallon, which is 45 cents less than November 2019 and 58 cents less than what drivers paid in November 2018.
National Gas Prices
Following the Thanksgiving holiday, the national gas price average is more expensive. At $2.12, it is two cents more than a week ago, but remains cheaper compared to last month (-2 cents) and last year (-46 cents).
Despite the small increase at the pump, U. S. gasoline stocks increased and demand decreased, according to the Energy Information Administration’s reports for the week ending November 20. Demand dropped to 8.1 million b/d, a five month low, and stocks built by 2.2 million bbl to total 230.1 million bbl.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 18 cents to settle at $45.53. While domestic crude prices decreased that day, due to increasing coronavirus infection rates, crude prices grew overall last week amid increased optimism that a vaccine for the coronavirus will be available by the end of 2020. Prices were also bolstered by EIA’s weekly report revealing that total domestic crude inventories fell by 800,000 bbl to 488.7 million bbl last week.
Today and tomorrow, the Organization of the Petroleum Exporting Countries (OPEC) will meet with its partners, including Russia and Kazakhstan, to decide if they will continue status quo or increase current crude supply cuts. Either outcome could cause crude prices to continue to climb. Currently, OPEC and its allies in the production reduction agreement have agreed to cut crude output by 7.7 million b/d — approximately 8 percent of global demand — through the end of 2020.
Tennessee Regional Prices
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
About AAA - The Auto Club Group