By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average price of gas in Tennessee fell 10 cents, last week.
Find more details in the press release below:
Gas prices are continuing to decline across the state, falling 10 cents, on average, over last week. The Tennessee Gas Price average is now $3.50 which is 70 cents less expensive than one month ago but 66 cents more expensive than one year ago.
“Tennessee pump prices are continuing to fall after another drop in crude oil prices,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “These cheaper prices are providing much needed relief for drivers, especially those planning a road trip over the Independence Day holiday.”
Independence Day Travel Forecast
AAA projects more than 1.6 million Tennesseans will travel at least 50 miles from home for the Independence Day holiday travel period, which runs from Saturday, June 27 through Sunday, July 5. Most travelers will take to the road, with more than 1.4 million Tennesseans driving to their destinations. Air travel remains steady, while cruising and other modes of transportation see the strongest growth.
While this year’s increase is modest compared to recent gains, it still sets a record for Fourth of July travel in Tennessee, as strong consumer demand continues to offset higher travel costs. Click here to view the full Independence Day Travel Forecast.
National Gas Prices
Drivers are getting a break at the pump as the summer travel season heats up. For the first time since Mach 30, the national average for a gallon of regular gasoline is down to $3.92. This marks nearly 4 straight weeks of declines. Crude oil prices are down as the U.S. and Iran reach a deal to reopen the Strait of Hormuz. Sliding gas prices come as millions of Americans prepare to travel for Independence Day in record numbers starting next weekend.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.73 million b/d to 9.21 million. Total domestic gasoline supply decreased from 215.1 million barrels to 214.2 million. Gasoline production increased last week, averaging 10.1 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 74 cents to settle at $76.79 a barrel. The EIA reports crude oil inventories decreased by 8.3 million barrels from the previous week. At 418.2 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($3.61), Jackson ($3.53), Nashville ($3.53)
- Least expensive metro markets – Clarksville ($3.20), Chattanooga ($3.38), Morristown ($3.42)
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