NASHVILLE – Tennessee motorists continue to see discounts at the gas pump as demand falls across the country.
The state average of $1.92 is nearly 2 cents less than last week, 4 cents less than one month ago and 56 cents less than one year ago, according to AAA. Tennessee remains the ninth least expensive market in the nation.
“Pump prices are mostly pushing cheaper across the state as gasoline demand wanes over the past few weeks,” said Megan Cooper, AAA spokesperson, in a press release. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, but healthy supply levels should help keep gas prices cheaper than last summer.”
• 90% of Tennessee gas stations still have prices below $2.
• The lowest 10% of pump prices are $1.71 for regular unleaded.
• The highest 10% of pump prices are $2.21 for regular unleaded.
Most expensive gas prices in the state
• Memphis ($1.97)
• Jackson ($1.97)
• Morristown ($1.95)
Least expensive gas prices in the state
• Cleveland ($1.82)
• Knoxville ($1.87)
• Kingsport ($1.87)
Across the nation
As COVID-19 case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million barrels per day, which is about 11% less than a year ago.
The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined. Motorists can find gas for $2.25 or less at 70% of gas stations across the country, AAA reported.
What about oil?
At the end of Friday’s formal trading session, West Texas Intermediate crude increased by 22 cents to settle at $41.29 per barrel, AAA reported.
Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million barrels. The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
To view daily gas price averages, visit gasprices.aaa.com.