AAA: TN gas prices fall nearly nine cents
Published 7:18 pm Monday, June 27, 2022
Tennessee is 7th least expensive market in the nation
NASHVILLE — Gas prices across Tennessee fell for the second week in a row — providing a bit of good news for the 945,000 Tennesseans expected to hit the road later this week for the Independence Day holiday. Today’s state average is nearly nine cents less expensive than one week ago. The Tennessee Gas Price average is now $4.51 which is 24 cents more expensive than one month ago and $1.67 more than one year ago.
“We’re headed into the holiday weekend on a two-week streak of declining gas prices, which is great news for road trippers, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Despite the recent declines, gas prices will still be the highest on record for the holiday.”
Drivers should expect busy roads during the holiday weekend, particularly during Thursday and Friday afternoons, as commuters leave work early and mix with holiday travelers. Drivers in major U.S. metros could experience double the travel times compared to a normal trip. AAA advises road travelers to leave early and identify alternate routes in case you encounter congestion.
AAA also urges drivers to ensure their vehicle is road trip ready. AAA expects to receive 446,000 calls for roadside assistance during the holiday weekend. Getting a full vehicle inspection could help ensure you are not one of them. Visit AAA.com/AutoRepair to find a certified mechanic.
* 56% of Tennessee gas stations have prices below $4.50
* The lowest 10% of pump prices are $4.25 for regular unleaded
* The highest 10% of pump prices are $4.80 for regular unleaded
* Tennessee is the 7th least expensive market in the nation
National Gas Prices
A drop in the global price of oil helped the national average for a gallon of gas to fall for a second week to land at $4.89. Economic fears of a potential global recession leading to less demand for oil dropped the price to around $107 per barrel, down from $110 last week.
Please note that a vital gas price indicator was unavailable to AAA for this week’s report. The U.S. Energy Information Administration (EIA) said it was delaying the release of gasoline demand data because of “systems issues.” Demand is a sign of whether motorists are fueling up or not, which in turn may be reflected in higher or lower pump prices.
On Monday, June 27, the national average of $4.89 is nine cents less than a week ago, 30 cents more than a month ago, and $1.80 more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $3.35 to settle at $107.62. Although crude prices strengthened at the end of the week due to positive market sentiment after the stock market rallied, crude prices dropped earlier in the week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit. For this week, crude prices could decline if EIA’s reporting shows a large increase in total domestic stocks.
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.