As summer travel approaches its conclusion, gas prices in Tennessee are showing remarkable stability. Currently, the state average stands at $2.77 per gallon, reflecting a modest increase of just one cent from the previous week. Over the past few weeks, prices have remained largely unchanged, with no significant variations observed across metropolitan areas; in fact, none experienced a shift greater than three cents.
When compared to earlier periods, Tennessee motorists are benefiting from lower prices, paying two cents less than they did a month ago and a notable 29 cents less than at the same time last year. On a national scale, the average gas price has held steady at $3.14 per gallon, indicating a period of consistent pricing. This stability can be attributed to crude oil prices, which have remained relatively low, averaging around $65 per barrel, thus preventing any drastic changes at the fuel pump.
In the latest market update, West Texas Intermediate (WTI) crude oil closed at $65.25 per barrel, marking a slight decrease of six cents. According to the U.S. Energy Information Administration, there has been a reduction in national crude inventories, which fell by 3.2 million barrels, bringing the total to 419 million barrels. This figure is approximately 9% below the five-year seasonal average, suggesting a tightening supply.
For those interested in local gas prices, here’s a breakdown of averages in key cities across Tennessee: Chattanooga reports an average of $2.70, Knoxville at $2.74, while both Memphis and Nashville are seeing prices at $2.82. Looking ahead, prices are anticipated to remain relatively stable unless there are unforeseen fluctuations in the crude oil market.
The Crockett Chronicle editorial team provides accurate, fact-checked reporting on local government, education, public safety, and community events across Lawrence County and surrounding areas. Our reporting follows strict editorial standards, relying on verified sources, public records, and first-hand reporting when possible. We are committed to delivering reliable information to our community while upholding transparency and accountability in every article.
Contact: [email protected] About the team: About Crockett Chronicle
Source Information
This article is based on information from public agencies, official statements, and verified public sources.
Editorial Note
This article was compiled using publicly available information and reviewed for accuracy prior to publication.
Corrections
If you notice an error in this article, please contact the newsroom at [email protected]. Corrections are published at the bottom of articles when needed.