Nashville, TN (2020-03-30) The Tennessee gas price average continues to decline and has dropped nearly 13 cents since this time last week. The Tennessee Gas Price average is now $1.77 which is 45 cents less than one month ago and nearly 71 cents less than one year ago.
“Tennessee motorists are seeing dramatic declines in pump prices. The state average is down 45 cents since March 1,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “More discounts are expected in the coming week as gasoline demand continues to decline.”
- 94% of TN filling stations have sub-$2 gas prices
- TN gas prices have declined for 33 consecutive days for a total discount of nearly 47 cents per gallon
- Eight metro areas have seen double-digit decreases at the pump in the last week
- All metro areas have average prices below $2 per gallon
National Gas Prices
At $2.01, the national gas price average is 11-cents cheaper on the week, 43-cents less expensive on the month and 68-cents less than a year ago.
Crude oil continues to price low – in the $20/bbl range – as U.S. gasoline demand decreases to numbers typically seen during the winter driving season. In fact, there is an atypical amount of winter-blend gasoline supply still available, which has caused the Environmental Protection Agency to extend the sale of winter blend past the May 1 deadline to May 20. The agency said they will continue to monitor and, if necessary, extend the waiver again.
“Delaying the switch-over to summer-blend gasoline will contribute to sustained lower prices as summer-blend is more expensive to produce,” added Cooper.
The difference between summer- and winter-blend gasolines is how easily the fuel evaporates at a given temperature. The more volatile a gasoline, the easier it evaporates. Winter-blend fuel must be able to evaporate at low temperatures for the engine to operate properly, especially when the engine is cold. Summer-blend gasoline has a lower volatility to prevent excessive evaporation when outside temperatures rise. Reducing the volatility of summer gas decreases emissions that can contribute to unhealthy ozone and smog levels.
National Oil Market Dynamics
Crude prices continue to decline as the public health, financial and economic impacts from COVID-19 continue to mount. Until the virus is contained and Russia and Saudi Arabia end their crude price war, crude prices are likely to remain low. At the end of Friday’s formal trading session, WTI decreased by $1.09 to settle at $21.51 per barrel.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($1.90), Morristown ($1.86), Kingsport ($1.86)
- Least expensive metro markets – Cleveland ($1.59), Memphis ($1.62), Chattanooga ($1.70)
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.