AAA: TN gas prices fall four cents
Published 2:09 pm Monday, November 7, 2022
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Tennessee is the 6th least expensive market in the nation
NASHVILLE — After jumping up slightly on Halloween weekend, pump prices across Tennessee have since shifted lower. The Tennessee Gas Price average is now $3.28 which is eight cents less expensive than one month ago and 13 cents more than one year ago.
“We’re seeing a pretty significant amount of fluctuation in state gas price averages across the country right now,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Despite the national gas price average moving higher this week, Tennessee gas prices are slowly but steadily trending lower again. Additional fluctuation cannot be ruled out for this week, however, it does seem likely that Tennesseans will continue to see a slight break at the pump over this week.”
Quick Facts
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46% of Tennessee gas stations have prices below $3.25
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The lowest 10% of pump prices are $3.04 for regular unleaded
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The highest 10% of pump prices are $3.63 for regular unleaded
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Tennessee is the 6th least expensive market in the nation
National Gas Prices
Despite fewer U.S. drivers fueling up, the national average pump price rose four cents over the past week to hit $3.80. Rising oil prices fueled by worries over Russian oil production cuts have renewed concerns about global supplies. But the rise could be short-lived as reports of new COVID-19 restrictions in China signal a potential economic slowdown for the world’s top oil-consuming nation.
According to data from the Energy Information Administration (EIA), gas demand dipped slightly from 8.93 million b/d to 8.66 million b/d last week, and total domestic gasoline stocks decreased by 1.3 million bbl to 206.6 million bbl. Tighter supply and fluctuating oil prices have put upward pressure on gasoline prices. Pump prices could increase if supply remains tight alongside rising oil prices.
On Nov. 7 the national average of $3.80 is nine cents less than a month ago and 38 cents more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $4.44 to settle at $92.61. Crude prices spiked at the end of last week after the dollar dropped in value. Moreover, the price of oil rose after the EIA reported that total domestic crude stocks had declined by 3.1 million bbl. However, for this week, crude oil prices could face headwinds if market concerns regarding the likelihood of a recession persist. If economic growth stalls or reverses course, crude demand is likely to follow suit alongside prices.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
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Most expensive metro markets — Memphis ($3.37), Jackson ($3.36), Johnson City ($3.30)
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Least expensive metro markets — Chattanooga ($3.20), Cleveland ($3.23), Clarksville-Hopkinsville ($3.26)
