Tennessee now 10th in least expensive gas in the nation

Johnson City Press • May 4, 2020 at 2:31 PM

The Tennessee gas price average continues to decline and has dropped two cents since this time last week.

The average is now $1.54, which is nearly 17 cents less than one month ago and nearly $1.07 less than one year ago.

“As parts of the state move towards a phased reopening, we expect to see more drivers on Tennessee roadways,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “This will likely cause pump prices to fluctuate and level out over the next week.”

Tennessee gas prices have declined for 68 consecutive days for a total discount of 70 cents per gallon. Tennessee now has the 10th least expensive market in the nation. 

The lowest 10% of pump prices are $1.28 for regular unleaded, while the highest 10% of pump prices are $1.94.

State gas price averages increased for less than a dozen states in the last week, but they were large enough jumps to push an increase to the national average. At $1.78, today’s average is a penny more expensive than last week, 16 cents less than a month ago and $1.11 cheaper than last year at this time.

On the week, the Great Lakes and Central region saw double-digit increases in a few states, but the bulk of the country saw decreases of a nickel or less.

Pump price fluctuation will continue across the country in coming weeks, especially as more states re-open and motorists begin driving more.

At the end of Friday's formal trading session, WTI increased by 94 cents to settle at $19.78 per barrel. Crude prices increased last week amid growing market optimism that an oversupply of crude may be beginning to decrease, as demand for gasoline moves up and the 9.7 million b/d production reduction agreement between the Organization of the Petroleum Exporting Countries and other major crude producers, including Russia, takes effect this month and next month.

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