Winchester, TN - The latest data on gas prices in Tennessee reveals a slight decrease of three cents on average in the past week. The current average gas price in the state stands at $2.73, marking an 11-cent drop from a month ago and a significant 53-cent decrease from a year ago. Megan Cooper, a spokesperson for AAA – The Auto Club Group, points to ongoing geopolitical tensions in the Middle East as the reason behind the recent surge in crude oil prices, warning that pump prices may rise in the upcoming week.
Despite challenges both domestically and internationally, the national average gas price has fallen by four cents from the previous week to $3.17. The impact of Hurricane Helene on gasoline supply was limited, but it led to reduced demand in affected areas due to infrastructure damage and power outages.
Internationally, concerns are mounting over potential disruptions in oil shipments through the Straits of Hormuz due to tensions between Iran and Israel, resulting in a gradual increase in oil prices.
Key Insights from the Energy Information Administration (EIA)
Gas demand has decreased from 9.20 million b/d to 8.52 million b/d.
Total domestic gasoline stocks have risen to 221.2 million barrels.
Gasoline production averages 9.6 million barrels daily.
With subdued gasoline demand and low oil prices, experts anticipate that pump prices will continue to decline in the near future.
National Oil Market Overview
The national average gas price currently sits at $3.17, reflecting an 11-cent decrease from a month ago and a significant 55-cent drop from a year ago. Meanwhile, WTI closed at $70.10 a barrel, showing a 27-cent increase. The EIA reported a 3.9 million barrel rise in crude oil inventories from the previous week, with U.S. crude oil inventories at 416.9 million barrels, approximately 4% below the five-year average for this period.
Regional Gas Prices in Tennessee
Most Expensive Metro Markets | Least Expensive Metro Markets |
Memphis - $2.79 | Chattanooga - $2.64 |
Jackson - $2.78 | Cleveland - $2.64 |
Nashville - $2.76 | Clarksville - $2.65 |
As gas prices continue to fluctuate amidst global uncertainties, residents in Winchester and across Tennessee are advised to stay informed about the evolving market trends.
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