Tennessee gas prices hold steady

NASHVILLE — Motorists across Tennessee enjoyed mostly steady gas prices over the holiday weekend.

Tennessee’s state average of $2.87 is the same as a week ago, 17 cents more than one month ago and $1.15 more than one year ago, AAA reported. At $3.04, the national gas price average only increased one penny leading up to Memorial Day weekend.

“Gasoline supply and demand levels are looking more like typical summer numbers as demand has steadily jumped week-over-week since the end of April and supply declines,” said Megan Cooper, spokeswoman for AAA — The Auto Club Group, in a press release.

“The increasing demand and decreasing supply combined with more expensive crude oil prices mean gas prices are likely to fluctuate throughout June.”

 

Quick facts

  • 93% of Tennessee gas stations have prices below $3 per gallon.
  • The lowest 10% of pump prices are $2.66 for regular unleaded.
  • The highest 10% of pump prices are $3.11 for regular unleaded.

Most expensive gas prices in the state

  • Johnson City ($2.95).
  • Morristown ($2.90).
  • Kingsport ($2.90).

Least expensive gas prices in the state

  • Chattanooga ($2.78).
  • Cleveland ($2.81).
  • Jackson ($2.84).

Cheapest gas prices in the Tri-Cities

As of Tuesday afternoon on GasBuddy.com, the cheapest gas prices in each of the Tri-Cities can be found at the following places:

  • In Kingsport — Walmart Neighborhood Market (Lynn Garden Drive): $2.74 for regular.
  • In Bristol — Murphy USA (Century Boulevard in Bristol, Tennessee): $2.86 per regular.
  • In Johnson City — Sam’s Club (Franklin Terrace Drive): $2.74 per for regular.

Across the nation

The majority of states saw no change to pump prices or a decline on the week. However, AAA predicted that prices may not stay stagnant for long.

For the week ending May 21, demand jumped to 9.4 million barrels per day — the highest reported number since early March 2020 and up nearly 30% over the same week last year, indicating motorists are filling up more frequently.

The May national gas price averaged $3 per gallon; that is 11 cents more than the May 2018 and 2019 national averages. With a $3-per-gallon average at the start of June, this month could prove to be the most expensive average in years, according to AAA.

What about oil?

At the close of Friday’s formal trading session, West Texas Intermediate crude decreased by 53 cents to settle at $66.32, AAA reported.

Although prices ended the day down due to market liquidation at the end of the month, crude prices gained on the week after the Energy Information Administration’s weekly report showed that total domestic crude inventories decreased by 1.7 million barrels to 484.3 million barrels.

However, last week’s price gains were limited by market concerns that increasing coronavirus infections around the world could reduce crude consumption this year. For this week, crude prices could climb further if EIA’s next report shows another decline in crude stocks.

To view daily gas price averages, visit gasprices.aaa.com.