In Tennessee, the average price for a gallon of regular gasoline experienced a modest decline of three cents last week, settling at $2.68. This figure represents a decrease of ten cents compared to the average from a month ago and is also eleven cents lower than the same time last year. As a result of this drop, Tennessee now ranks as the tenth least expensive state for gasoline in the country.
On a national scale, the average price for gasoline also saw a reduction, falling five cents to reach $3.03 per gallon. Several factors contributed to this downward trend, including a decrease in crude oil prices, a reduction in gasoline demand, and the availability of less expensive winter-blend fuel. The tropics have remained calm, with no significant storms impacting fuel prices at this time.
According to the Energy Information Administration (EIA), gasoline demand has seen a notable decline, dropping from 8.91 million barrels per day to 8.45 million. Meanwhile, the total domestic gasoline supply experienced a slight decrease, now standing at 218.8 million barrels. Gasoline production has averaged 9.4 million barrels per day.
On the commodities market, West Texas Intermediate (WTI) crude oil closed at $58.27 per barrel on Wednesday, marking a decrease of 43 cents. Additionally, U.S. crude inventories increased by 3.5 million barrels, bringing the total to 423.8 million barrels, which is approximately 4% below the five-year average for this period.
In terms of regional pricing within Tennessee, the most expensive metropolitan areas for gasoline were Nashville at $2.73 per gallon, Cleveland at $2.72, and Jackson at $2.71. Conversely, the least expensive locations included Clarksville at $2.56, Chattanooga at $2.62, and Morristown at $2.63.
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