NASHVILLE — Tennessee gas prices shifted slightly lower, on average, over the last week.
The state average is now $2.69, which is a penny more than one month ago and $1.13 more than one year ago, AAA reported. The national average of $2.88 is 2 cents more than one month ago and nearly $1.11 more than last year.
“Tennessee gas prices have seen minimal fluctuation over the last almost six weeks, moving only a penny or two in either direction week-to-week,” said Megan Cooper, AAA spokeswoman, in a press release. “Anticipated strong springtime gasoline demand is likely to help keep a floor on falling gas prices. However, a healthy gasoline supply will likely help to keep pump prices in check, especially if crude oil pricing holds steady.”
- 78% of Tennessee gas stations have prices below $2.75.
- The lowest 10% of pump prices are $2.51 for regular unleaded.
- The highest 10% of pump prices are $2.96 for regular unleaded.
- Tennessee moved to the 10th least expensive market in the nation this week.
Most expensive prices
- Memphis ($2.74).
- Nashville ($2.72).
- Johnson City ($2.71).
Least expensive prices
- Chattanooga ($2.63).
- Cleveland ($2.64).
- Knoxville ($2.66).
Cheapest prices in area
As of Monday afternoon on GasBuddy.com, the cheapest gas prices in each of the Tri-Cities can be found at the following places:
- In Kingsport — Walmart Neighborhood Market (Lynn Garden Drive): $2.46 per gallon for regular gasoline.
- In Bristol — Valero (Highway 11-W in Bristol, Tennessee): $2.61 per gallon for regular gasoline.
- In Johnson City — Sam’s Club (Franklin Terrace Drive): $2.46 per gallon for regular gasoline.
Across the nation
According to new data from the Energy Information Administration, total domestic gasoline stocks increased by 100,000 barrels to 235 million barrels last week. The increase helped to minimize pump price increases, as demand increased from 8.94 million barrels per day to 9.1 million barrels per day.
Last week’s demand estimate is one of the highest since March 2020 — when social distancing restrictions were established that dramatically reduced gas demand — and is in line with typical spring driving season rates seen pre-pandemic. Continued growth in total domestic supply will likely help to keep pump prices in check.
What about oil?
At the close of Thursday’s formal trading session, West Texas Intermediate crude increased by 8 cents to settle at $61.43, AAA reported.
Crude prices increased despite growing market concern that surging coronavirus infection rates in Asia may derail expectations for crude demand recovery. Additionally, EIA’s weekly report revealed that total domestic crude inventory increased by 600,000 barrels to 493 million barrels last week, contributing to downward pressure on crude prices.
To view daily gas price averages, visit gasprices.aaa.com.