AAA: Pump price trends falling into place for autumn

Posted By | September 10, 2019 6:59 am

Photo courtesy of AAA

Tennessee ranks #7 as least expensive gas price for the nation

(Sept. 9, 2019) — Tennessee’s state average gas price is $2.26 per gallon for regular unleaded, which is the same price as last week’s average, 14-cents less than a month ago and 33-cents less than one year ago. Today’s national average is $2.56, which is a two cents cheaper than last week, 11-cents less than a month ago and 28-cents cheaper than a year ago.

“Gasoline demand in early September generally declines alongside stock levels as refineries prepare for the switchover to winter-blend gasoline and undergo maintenance,” said Jeanette Casselano, AAA spokesperson. “These typical trends mean savings for motorists, leading the way for potentially some of the cheapest gas prices at the end of the year.”

Crude Oil

At the close of Friday’s formal trading session on the NYMEX, WTI increased by 22 cents to settle at $56.52. Domestic crude prices rose last week after the EIA reported that total domestic crude inventories fell by 4.8 million bbl. At 423 million bbl, stocks are approximately 21.5 million bbl higher than were they were at the end of August 2018. Higher inventory levels have helped to keep oil cheaper this year over last, but if EIA’s report this week shows that stocks continue to shrink, prices could end the week higher again. Alternatively, if ongoing trade tensions between the U.S. and China escalate, crude prices could fall.

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