As temperatures continue to drop throughout Tennessee, gas prices are also experiencing a decline, with an average decrease of seven cents over the past week. Currently, the average price for a gallon of gasoline in the state stands at $2.61. This figure represents a decrease of 12 cents compared to the previous month and is 18 cents lower than the same time last year. According to the Auto Club Group, commonly known as AAA, the combination of autumn weather and a seasonal dip in demand is contributing to this downward trend in prices. If no significant changes occur in the market, this pattern is likely to persist in the near future.
On a national scale, gas prices have remained relatively stable, with the average cost for a gallon of regular gasoline dropping slightly to $3.05. Motorists are benefiting from lower prices compared to last year, and as the colder months approach, it is anticipated that prices will continue to decline due to reduced travel demand. The Energy Information Administration reported that gasoline demand remained steady at 8.45 million barrels per day last week, while supply saw a slight decrease to 216.7 million barrels. Additionally, crude oil inventories fell by 1 million barrels, bringing the total to 422.8 million, which is approximately 4% below the five-year seasonal average.
In the latest market close, West Texas Intermediate crude oil saw an increase of $1.26, reaching $58.50 per barrel. Within Tennessee, Jackson holds the highest average gas price at $2.68 per gallon, followed closely by Johnson City at $2.66 and Memphis at $2.65. Conversely, the lowest prices can be found in Clarksville at $2.48, followed by Chattanooga at $2.52 and Cleveland at $2.57.
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