RUTHERFORD COUNTY, TN - Gas prices across Tennessee have continued to decline over the past week, with the state average dropping by six cents. The average price for a gallon of gas in Tennessee is now $3.02, which is 24 cents cheaper than one month ago and 13 cents less than the same time last year.
Drivers in Rutherford County started the week with an average price of $2.92 per gallon at the pump. According to AAA Auto Club research, current prices in the Murfreesboro and Smyrna area are among the lowest in Middle Tennessee.
Meanwhile, diesel prices in Tennessee are averaging $3.51 per gallon. This is a slight decrease from last week's average of $3.58 per gallon. A month ago, diesel prices were averaging $3.73 per gallon, marking a 22-cent decrease from current prices.
These falling fuel prices provide some relief for drivers across the state, particularly in the Murfreesboro area where prices are notably lower. As the trend continues, motorists can expect to see more savings at the pump.
"Tennessee is now in its fifth week of gas price declines and we're getting very close to dropping under the $3 per gallon mark. The last time our state gas price average fell below $3 was in February," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "If crude oil prices hold steady, it's very likely that we'll see our gas prices fall again this week."
National Gas Prices - Gasoline prices took another trip south this week, falling nine cents since last Monday to $3.44. It marks the largest weekly drop of the year.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 b/d to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl. Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.
Today’s national average is $3.44 – and that happens to be 19 cents less than a month ago and 14 cents less than a year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI rose by 82 cents to settle at $74.07 a barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
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Most expensive metro markets - Jackson ($3.10), Morristown ($3.07), Memphis ($3.06)
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Least expensive metro markets - Chattanooga ($2.88), Clarksville ($2.97), Kingsport ($3.00)
