AAA: TN gas prices rise a penny

Published 12:00 pm Monday, June 19, 2023

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Tennessee falls to the 7th least expensive market in the nation
NASHVILLE – Tennessee gas prices held relatively steady over last week, moving only a penny more expensive, on average. The Tennessee Gas Price average is now $3.15 which is three cents more expensive than one month ago but $1.45 less than one year ago.
“While parts of the country are still experiencing big swings at the pump, the movement in pump prices here in Tennessee is relatively stable for now,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “The start of summer is nearly here and it’s likely that increased fuel demand will contribute to continued volatility in pump prices over the next few months. The good news is that even with expected volatility in pricing, drivers are finding pump prices far lower than last year.”

Quick Facts
* 20% of Tennessee gas stations have prices below $3.00
* The lowest 10% of pump prices are $2.91 for regular unleaded
* The highest 10% of pump prices are $3.48 for regular unleaded
* Tennessee is the 7th least expensive market in the nation

National Gas Prices
Lackluster demand and low oil costs are keeping gas prices relatively stable. The national average for a gallon of gas fell two cents since last week to $3.57, that’s $1.41 less than a year ago.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.22 to 9.19 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 2.1 million bbl to 220.9 million bbl. Lower gas demand amid increasing supply has helped to limit pump price increases. If demand remains tepid, pump prices will likely fluctuate moderately through next week.
On June 19, the national average of $3.57 is three cents more than a month ago but $1.41 less than a year ago.

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National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $1.15 to settle at $68.27. Oil prices declined last week due to market concerns about the U.S. Federal Reserve resuming interest rate increases, which could tip the economy into a recession. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories increased significantly by 7.9 million bbl to 467.1 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 ($3.24), Cleveland ($3.20), Jackson ($3.17)
* Least expensive metro markets – Kingsport ($3.07), Chattanooga ($3.10), Knoxville ($3.11)