By Katie Northcott, News Director
According to the American Automobile Association, the average price of gas in Tennessee dropped two cents, last week.
Find more details in the press release below:
Gas prices across the state fell two cents, on average, over last week. The Tennessee Gas Price average is now $3.36 which is 42 cents less expensive than one month ago but 63 cents more expensive than one year ago.
“Tennesseans that took a road trip over the holiday weekend were met with the most expensive Independence Day gas prices in four years,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Gas prices across the state saw several weeks of declines ahead of Independence Day, which gave drivers a much needed break at the pump.”
Tennessee drivers paid $3.39 per gallon for gasoline on Independence Day – 64 cents more than last year’s holiday, but $1.03 less expensive than what drivers paid per gallon in 2022 when the state gas price average was $4.42.
National Gas Prices
The national average is down 40 cents from a month ago at $3.79 for a gallon of regular gasoline. While that number is higher than last year, it’s a relief from this past spring, when the national average peaked at $4.56 on May 21. Crude oil prices have fallen to their lowest levels in months, dropping to the $60 a barrel range. Overall, gas prices remain the highest they’ve been in 4 years, but the downward trend since late May is welcome news during the busy summer driving season.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.77 million b/d to 9.13 million. Total domestic gasoline supply decreased from 216.3 million barrels to 214 million. Gasoline production increased last week, averaging 10 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 92 cents to settle at $68.58 a barrel. The EIA reports that crude oil inventories decreased by 3.8 million barrels from the previous week. At 408.4 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($3.50), Jackson ($3.43), Johnson City ($3.39)
- Least expensive metro markets – Clarksville ($3.08), Knoxville ($3.26), Morristown ($3.28)
The post AAA: TN Gas Prices Fall Two Cents appeared first on Thunder Radio.
