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.