Gas prices stay low

NASHVILLE, Tenn., (February 04, 2019) — Gas prices in Tennessee declined 2.5 cents last week. Sunday’s state average of $2.03 per gallon is 38 cents less than this time last year.

Tennessee drivers enjoyed the cheapest January at the pump in three years. Last month, Tennessee gas prices averaged $2.01 per gallon. The monthly average was 32 cents less than January 2018, and 11 cents less than January 2017.

So far this year, the lowest daily average price was $1.97 per gallon on January 9. The highest price in 2018 was $2.73/g around Memorial Day weekend.

Click here to view AAA’s state and metro gas price averages

  • Most expensive gas price averages: Nashville ($2.10), Jackson ($2.04), Johnson City ($2.03), Memphis ($2.02)
  • Least expensive gas price averages: Chattanooga ($1.94), Knoxville ($1.98), Morristown ($2.00)

“Motorists have benefited from strong global crude oil supplies, which have kept gas prices low so far this year,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Last month, oil prices averaged about $10 less than in January 2018. However, oil prices are beginning to rise, as OPEC cuts and sanctions against Venezuela weigh on the market. These factors, in addition to rising demand, refinery maintenance season and the switch to summer-blend gasoline will eventually boost prices at the pump in the coming months. AAA still expects the national average to peak around $2.75 per gallon sometime before Memorial Day weekend.”

The price of crude settled at $55.26 per barrel on the NYMEX last Friday. The daily settlement was nearly $2/b more than the week before.

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