Gas Prices Continue to Drop Across Tennessee

The temperature isn’t the only thing falling across Tennessee — gas prices dropped an average of seven cents over the past week. The state’s average is now $2.61 per gallon, which is 12 cents lower than a month ago and 18 cents less than a year ago. AAA – The Auto Club Group reports that fall weather and seasonally low demand are helping keep prices down. Barring any major market shifts, this trend is expected to continue in the short term. Nationally, gas prices have remained steady, with the average for a gallon of regular falling a few cents to $3.05. Drivers are paying less than they were this time last year, and prices are expected to continue easing as colder months reduce travel demand. According to the Energy Information Administration, gasoline demand held steady at 8.45 million barrels per day last week, while supply dropped slightly to 216.7 million barrels. Crude oil inventories also fell by 1 million barrels, settling at 422.8 million — about 4% below the five-year seasonal average. At Wednesday’s close, West Texas Intermediate crude rose $1.26 to $58.50 a barrel. Across Tennessee, Jackson recorded the highest average price at $2.68 per gallon, followed by Johnson City at $2.66 and Memphis at $2.65. The lowest averages were found in Clarksville at $2.48, Chattanooga at $2.52, and Cleveland at $2.57.