AAA: TN gas prices hold steady
Published 3:41 pm Monday, June 5, 2023
Tennessee is the 6th least expensive market in the nation
NASHVILLE — After moving slightly higher over the Memorial Day holiday, gas prices across Tennessee held steady over last week. The Tennessee Gas Price average is now $3.18 which is three cents more expensive than one month ago but $1.30 less than one year ago.
“Pump prices across the state are still fluctuating, and it’s likely that trend will continue throughout the summer driving season,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Over the weekend, OPEC agreed on another round of oil production cuts. At this point it’s unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly it’s likely drivers would see prices at the pump follow suit.”
* 16% of Tennessee gas stations have prices below $3.00
* The lowest 10% of pump prices are $2.93 for regular unleaded
* The highest 10% of pump prices are $3.49 for regular unleaded
* Tennessee is the 6th least expensive market in the nation
National Gas Prices
Despite the surge in travel over the long Memorial Day weekend, the national average for a gallon of gas fell to $3.55, three cents less than one week ago. AAA forecast that more than 37 million Americans drove to their holiday destinations.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.43 to 9.1 million b/d last week. Lower demand has helped to cap increases in pump prices. Meanwhile, total domestic gasoline stocks dropped slightly to 216.1 million bbl. If gas demand declines, drivers will likely see pump prices fall.
On June 5, the national average of $3.55 is a penny less than a month ago and $1.29 less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $1.37 to settle at $68.09. Oil prices fell last week amid a strengthening dollar and growing market concern that global energy demand could slow due to reduced manufacturing activity in China – the world’s top crude oil importer. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 4.5 million bbl to 459.7 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
* Most expensive metro markets – Nashville ($3.26), Cleveland ($3.23), Morristown ($3.22)
* Least expensive metro markets – Kingsport ($3.10), Johnson City ($3.10), Chattanooga ($3.15)