Over last week gas prices across the state fluctuated higher to $2.80, but ultimately fell over the weekend to $2.76, the same price as one week ago. The average price of regular unleaded in Rutherford County is sitting at $2.73 per gallong, as of Wednesday night. The Tennessee Gas Price average is now $2.76 which is 18 cents less expensive than one month ago and 56 cents less than one year ago.
"We've seen some fluctuation in our state gas prices over the last two weeks, but the silver lining is that Tennessee has the 4th least expensive state gas price average in the country," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "It's likely that we'll continue to see fluctuations in gas prices across the state this week."
Hurricane Helene - Given the devastating flooding that happened during and after Hurricane Helene in several of Tennessee's eastern counties, it's likely that those areas may experience temporary gasoline outages. Extensive flooding, power outages, and closed roads will make it difficult for locals in these areas to access gasoline at many retailers and will also make fuel deliveries very difficult in many areas.
It's important to remember that these outages are temporary. Gas stations are not connected to an underground pipeline. Just like your vehicle, a gas station can only hold so much fuel at a given time. That fuel is stored in tanks underground. Once those tanks are empty, retailers bag the pumps and wait for the next fuel delivery.
"The bottom line is, don't panic about gasoline supplies, just take what you need," continued Cooper. "The state makes it a priority to keep gasoline shipments going as long as it is safe to do so. Once the flooding subsides and power is restored, shipments will resume as soon as possible."
National Gas Prices - The national average for a gallon of gas wobbled by a few cents before ending at $3.21, a penny more expensive than one week ago. Pump prices have been sliding recently, but the rapid intensification of Hurricane Helene appears to be having an effect.
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.77 million b/d last week to 9.20. Meanwhile, total domestic gasoline stocks fell slightly from 221.6 million barrels to 220.1, while gasoline production increased last week, averaging 9.8 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding.
Today’s national average for a gallon of gas is $3.21, 14 cents less than a month ago and 61 cents less than a year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI fell by 1.87 cents to settle at $69.69 a barrel. The EIA reports that crude oil inventories decreased by 4.5 million barrels from the previous week. At 413.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets - Nashville ($2.80), Jackson ($2.79), Memphis ($2.78)
- Least expensive metro markets - Morristown ($2.69), Kingsport ($2.70), Clarksville ($2.70)
