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Tennessee Gas Prices Plunge Two Cents – Clarksville Online

By October 18, 2022Sports events

Nashville, TN – After last week’s dramatic jump in pump prices, gasoline prices in Tennessee reversed course and fell, on average, two cents over the past week.

The Tennessee Average Gas Price is now $3.37, nearly 14 cents higher than a month ago and 27 cents higher than a year ago.




“Pump price increases were understated last week due to continued fears of a global economic recession which helped push down crude oil prices,” said Megan Cooper, spokesperson, AAA – The Auto Club Group.

“Tennessee gasoline prices are likely to continue to fluctuate this week, however, it looks like Tennessees can expect prices at the pumps to decline slightly overall, especially if demand for gasoline remains weak and crude oil prices remain flat or decline,” Cooper said.

Fast facts

  • 18% of gas stations in Tennessee have prices below $3.25
  • The lowest 10% pump price is $3.18 for regular unleaded.
  • The top 10% of pump prices are $3.70 for regular unleaded.
  • Tennessee is the 6th cheapest market in the country

National gas prices

Fears of a global economic recession caused the price of crude to drop significantly, down $7, which helped minimize increases in the price at the pump last week. Meanwhile, domestic demand for gasoline declined as fewer drivers filled up during the first half of October.

According to the Energy Information Administration (EIA), nationwide gas demand fell from 9.47 million barrels per day to 8.28 million barrels per day, and total national gasoline inventories rose. increased by 2 million barrels to reach 209.5 million barrels.

Lower demand for gasoline, amid rising supply and fluctuating oil prices, contributed to the lower national average. If demand continues to fall, coupled with lower oil prices, drivers could see pump price increases begin to slow and even decline throughout the week.

The national average pump price for a gallon of gasoline fell three cents over the past week to $3.88. The current national average of $3.88 is 20 cents higher than a month ago and 56 cents higher than a year ago.


National oil market dynamics

At the close of Friday’s official trading session, WTI was down $3.50 to settle at $85.61. Crude prices declined last week as global economic fears pushed crude prices lower.

For this week, crude prices may continue to weaken as interest rates rise globally, potentially triggering a recession. In the event of a recession, crude prices would likely decline along with demand.

Additionally, the latest weekly report from the EIA showed total commercial crude inventories increased by 9.9 million barrels to 439.1 million barrels.

Drivers can find current gas prices along their route using the AAA TripTik Travel Planner.

Tennessee Regional Awards

  • Very expensive metropolitan markets – Jackson ($3.46), Memphis ($3.45), Knoxville ($3.38)
  • The cheapest metropolitan markets – Cleveland ($3.30), Chattanooga ($3.31), Johnson City ($3.32)


Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

A week ago

A month ago

One year ago

Tennessee

$3.377

$3.383

$3.399

$3.241

$3.103

Chattanooga

$3,313

$3.329

$3.357

$3.177

$3.102

Knoxville

$3.385

$3.387

$3.391

$3.272

$3.098

Memphis

$3.456

$3.455

$3.451

$3.307

$3.093

Nashville

$3.381

$3.387

$3.422

$3.233

$3.148

Click here to see current gasoline price averages

About AAA – The Auto Club Group

Groupe Auto Club (ACG) is the second largest AAA club in North America with over 13 million members in 14 US states, the province of Quebec and two US territories.

ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offers, and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve road safety.

For more information, get the AAA mobile appvisit AAA.comand follow us on Facebook, Twitter and LinkedIn.