AAA: TN gas prices fall six cents
Published 12:36 pm Monday, October 9, 2023
FROM STAFF REPORTS
NASHVILLE – Gas prices in Tennessee have experienced a steady decline for three consecutive weeks, with a six-cent reduction in the past week. The state’s gas price average now stands at $3.24, reflecting a decrease of 13 cents compared to a month ago and a 15-cent drop from the previous year. This decrease in gas prices has made Tennessee the eighth least expensive state for gasoline in the nation.
Megan Cooper, a spokeswoman for AAA – The Auto Club Group, noted that the fall in gas prices coincided with declining demand and an increase in gasoline supply. She stated, “Falling demand alongside growing gasoline supply is creating more downward pressure on pump prices. If oil prices remain stable, or continue to decline, it’s likely that drivers can expect another round of price drops at the pump this week.”
Key statistics indicate that 61% of gas stations in Tennessee have prices below $3.25, with the lowest 10% of pump prices recorded at $2.97 for regular unleaded and the highest 10% at $3.64 for regular unleaded.
Nationally, the decline in gas prices has accelerated, with the average national price falling by 11 cents to $3.70. Contributing factors include reduced demand and the decreasing cost of oil, which has fallen to nearly $82 per barrel. Data from the Energy Information Administration revealed a significant decrease in gas demand, dropping from 8.62 to 8.01 million barrels per day, while domestic gasoline stocks increased by 6.5 million barrels to a total of 227 million barrels.
The national average of $3.70 per gallon is now 12 cents lower than a month ago and 21 cents less than the previous year. The declining trend in oil prices, influenced by concerns about rising interest rates and potential economic recession, has led to reduced crude demand and prices.
For those planning road trips, the AAA TripTik Travel planner can provide up-to-date gas prices along their chosen routes. In terms of regional gas prices, Jackson and Memphis currently have the highest prices at $3.31, while Chattanooga maintains the lowest at $3.13.
As gas prices continue to fall across the nation, Tennessee drivers can look forward to cost-effective refueling at the pump in the coming weeks if current trends hold.