Nashville’s per-gallon gas price average dips 3 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.50, down three cents compared to the mark of a week ago and down eight cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.36.

Relatedly, Tennessee’s average price was $2.42 Sunday, down five cents compared to the figure from the previous week, according to AAA The Auto Club Group.

The price was $2.55 four weeks ago and $3.31 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.72, five cents more than the mark from the prior Sunday.

"Motorists are finally getting some consistent relief at the pump thanks to declining oil prices," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "By this fall, prices could creep closer to levels seen at the beginning of this year, possibly even below $2 a gallon in some markets, as long as oil remains low."  

At the close of Friday’s formal trading on the NYMEX, West Texas Intermediate crude oil settled at $48.14 per barrel. The weekly average price for oil was $49.26, the lowest average since the week ending on April 2.

For the first time since April, WTI crude oil closed below $50 per barrel for two consecutive days last week, due to a surplus in crude inventories and speculation that the market will remain oversaturated in the near term.

Jul 27, 2015 11:36 AM

Nashville’s per-gallon gas price average unchanged

The average per-gallon price of regular gas in Nashville on Sunday was $2.57, unchanged compared to the mark of a week ago and down two cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.45.

Relatedly, Tennessee’s average price was $2.51 Sunday, down one cent compared to the figure from the previous week, according to AAA The Auto Club Group. The price was $2.57 four weeks ago and $3.40 a year ago.

The national average Sunday was $2.77, down three cents from the mark from the prior Sunday.

Motorists should begin to notice lower gasoline prices in the coming weeks due to declining oil prices, AAA reports. Last week, a barrel of oil hit its lowest price since April, at a time when gasoline prices were about 20 cents cheaper.

"The decline at the pump is unlikely to be as dramatic as a 20-cent discount, but a few cents here and there is not out of the question," Mark Jenkins, spokesman for AAA - The Auto Club Group, said in a release. "Usually gas prices respond more rapidly to rising oil prices than when oil prices fall. Prices at the pump aren't as quick to fall when oil prices do because retailers first need to sell the gasoline in their tanks, which was purchased when gasoline was more expensive. Regardless, lower oil prices means it costs less to produce gasoline, which is good news for motorists."

The price for a barrel of oil settled at $52.74 Friday, and averaged $52.41 last week — $5.51 lower than the mark of a week before and $7.68 lower than the highest weekly average of 2015.
 

Jul 13, 2015 10:09 AM

Nashville’s per-gallon gas price average dips 3 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.57, down three cents compared to the mark of a week ago and down four cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.45.

Relatedly, Tennessee’s average price was $2.52 Sunday, down three cents compared to the figure from the previous week, according to AAA The Auto Club Group. The price was $2.52 four weeks ago and $3.44 a year ago.

The national average Sunday was $2.80, up two cents from the mark from the prior Sunday and the highest mark this year. If this remains the highest average of the year, it would be the cheapest peak price since the mark in 2009, AAA reports. U.S. gas prices have averaged $2.45 per gallon to date this year, which is the cheapest average for the first six months since 2009. During the first six months of 2014, gas prices averaged $3.52 per gallon.

According to AAA, it is relatively common for gas prices to increase in July as more Americans take long, summer road trips. For example, gas prices increased by an average of 16 cents per gallon during the month from 2011-13. 

Average U.S. gas prices in July 2014 dropped for 30 out of 31 days for a total of 16 cents per gallon, due to abundant petroleum supplies worldwide. That decline was the start of an eventual $1.65 per gallon drop through January.

"The national average price of gas is likely to remain less than $3 per gallon this year," Mark Jenkins, spokesman, AAA The Auto Club Group, said in a release. "Gas prices this month should drop or at least remain relatively flat in the near term as gasoline production increases to take advantage of high profit margins. Oil prices, similarly, should remain near current levels given that domestic, commercial supplies are about 19 percent higher than a year ago. Nevertheless, factors such as strong summertime demand or other unexpected events could send gas prices higher."

Jul 6, 2015 10:52 AM

Nashville's per-gallon gas price average unchanged

The average per-gallon price of regular gas in Nashville on Sunday was $2.60, unchanged compared to the mark of a week ago and up 18 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.47.

Relatedly, Tennessee’s average price was $2.55 Sunday, unchanged compared to the figure from the previous week, according to AAA The Auto Club Group. The price was $2.49 four weeks ago and $3.47 a year ago.

The national average Sunday was $2.78, down one cent from the mark from the prior Sunday. The price is 90 cents cheaper than the figure of this time last year.

Gas prices are declining as the Independence Day holiday weekend approaches. About 35.5 million Americans are expected to take a road trip, the highest number of auto travelers on record (which dates back to 2000), according to AAA.

"Lower gas prices are added incentive for travelers to pack-up the family vehicle and hit the road this Independence Day," said Mark Jenkins, spokesman for The Auto Club Group. "Motorists have been nervous about rising pump prices during the past five months, but will be delighted to see that prices are on the way back down. Gas prices are likely to continue falling through the holiday weekend, and travelers will find the cheapest gas prices in at least five years."

Jun 29, 2015 11:09 AM

Nashville's per-gallon gas price average unchanged

The average per-gallon price of regular gas in Nashville on Sunday was $2.60, unchanged compared to the mark of a week ago and up 18 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.47.

Relatedly, Tennessee’s average price was $2.58 Sunday, unchanged compared to the figure from the previous week and the highest mark since Dec. 10, 2014, according to AAA The Auto Club Group. The price was $2.47 four weeks ago and $3.47 a year ago.

The national average Sunday was $2.79, down one cent from the mark from the prior Sunday. The price is 89 cents cheaper than the figure of this time last year.

The national average declined by fractions of a cent for six consecutive days. Meanwhile prices in Florida, Georgia, and Tennessee have declined three, six, and four consecutive days respectively.

"This is an encouraging sign that gas prices may have finally hit their high-point for the year," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "The next week will be a strong indicator if prices have finally peaked. Prices should begin moving down as long as there are no major bumps in oil prices." 

Last week, the price of oil averaged $59.89, 20 cents cheaper than the number of the week before and marking the first weekly decline in three weeks.

Jun 22, 2015 11:00 AM

Nashville's per-gallon gas price average increases 7 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.60, an increase of seven cents compared to the mark of a week ago and up 12 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.42.

Relatedly, Tennessee’s average price was $2.58 Sunday, up seven cents compared to the figure from the previous week and the highest mark since December 10, 2014, according to AAA The Auto Club Group. The price was $2.45 four weeks ago.

The national average Sunday was $2.80, up five cents from the mark from the prior Sunday and the highest price to date this year. The price is 86 cents cheaper than the figure of this time last year.

Motorists across the country saw increases at the pump last week, but that trend is not likely to continue, according to AAA. The EIA updated its forecast, expecting monthly average gas prices to decline through the end of the year, reaching as low as $2.27 in December.  According to the report, the average price of gasoline from June 1 to Aug. 31 would be $2.60 — the lowest mark since 2009.

The average price through the end of 2015 is forecast to be $2.47. If that forecast holds true, AAA reports, the average price for the year ($2.43) would also be the lowest since 2009.

"Gas prices should already be falling, but are still adjusting to minor bumps in the oil market," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "There is plenty of oil to go around, but speculators are latching on to any hope for a recovery in prices. Despite the volatility, motorists are still enjoying the cheapest summer gas prices in five years, saving nearly $15 for a full tank of gas."

Oil prices reached their highest level of the year last week, before settling below $60 on Friday. The price for a barrel of oil averaged $60.09 last week, an increase of 44 cents from the figure of the week before.

Jun 16, 2015 10:02 AM

Nashville's per-gallon gas price average increases 2 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.53, an increase of two cents compared to the mark of a week ago and up 10 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.45.

Relatedly, Tennessee’s average price was $2.51 Sunday, up two cents compared to the figure from the previous week and the highest mark since December 10, 2014, according to AAA The Auto Club Group. The price was $2.42 four weeks ago.

The national average Sunday was $2.75, up one cent from the mark from the prior Sunday and the highest price to date this year.

Gas prices are still creeping up in some parts of the Southeast, but motorists are forecast to pay the lowest summer gas prices since 2009. In comparison to this same date last year, motorists in Florida, Georgia and Tennessee are saving 87 cents, 88 cents and 92 cents per gallon, respectively.

"Prices should begin to drop later this month as refiners around the nation complete their maintenance switchover to produce summer-fuel grades," Mark Jenkins, spokesman for The Auto Club Group, said in the release. “The post-switchover drop in June over the past five years has averaged 12 cents per gallon."
 

Jun 8, 2015 11:25 AM

Nashville's per-gallon gas price average unchanged

The average per-gallon price of regular gas in Nashville on Sunday was $2.51, unchanged compared to the mark of a week ago and up eight cents from the figure of four weeks prior.

Relatedly, Tennessee’s average price was $2.49 Sunday, up one cent compared to the figure from the previous week and the highest mark since December 10, 2014, according to AAA The Auto Club Group. The price was $2.39 four weeks ago.

The national average Sunday was $2.74, unchanged from the mark from the prior Sunday the highest price to date this year.

Gas prices averaged $2.69 in May, 25 cents more than the April average and the highest monthly average since November 2014.

The prices could be nearing their peak as the rate of increase at the pump is beginning to stall, AAA reports.

"Gas prices usually peak by May, but have been rising on the back of crude oil prices and increasing demand," Mark Jenkins, spokesman, AAA The Auto Club Group, said in a release. "The price of crude oil has found a new normal around $60 a barrel, and it's likely that gas prices will decline in June. This would be the first time that gas prices peaked after the month of May since 2010."
 

Jun 1, 2015 12:50 PM

Nashville's per-gallon gas price average increases 2 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.51, an increase of two cents compared to the mark of a week ago and up 21 cents from the figure of four weeks prior.

Relatedly, Tennessee’s average price was $2.48 Sunday, up two cents compared to the figure from the previous week and the highest mark since December 10, 2014, according to AAA The Auto Club Group. The price was $2.32 four weeks ago.

The national average Sunday was $2.74, up four cents from the mark from the prior Sunday and a new high for the year.

AAA forecast that 33 million Americans drove 50 miles or more during the Memorial Day weekend, benefitting from the lowest gasoline prices for the holiday in up to five years. than the holiday averages in 2010. 

"Oil and gas prices are much lower this year thanks to increased oil supply," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "This boosted disposable income which helped fuel the highest number of anticipated Memorial Day motorists in a decade."

The Energy Information Administration forecasts the national average price for gas this month to finish at its current average of $2.68, then average $2.55 this summer.

After peaking at $107.26 last year, the price of oil plunged as low as $45.19 earlier this year, before rising 12 percent year-to-date and closing at $59.72 on Friday. Oil prices rose, which pushed gasoline higher due to market concerns of reduced rig counts and higher than anticipated oil demand in both the U.S. and China. Last week, oil fell below $60 a barrel, as the dollar gained strength and rig counts only fell by one. Some oil analysts believe oil price may not return to $100 a barrel for years, and the current strength of oil prices are enough to entice a rebound in U.S. shale oil production, which could result in cheaper oil and gasoline.

May 26, 2015 10:11 AM

Nashville's per-gallon gas price average increases 6 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.49, an increase of six cents compared to the mark of a week ago and up 23 cents from the figure of four weeks prior.

Relatedly, Tennessee’s average price was $2.46 Sunday, up five cents compared to the figure from the previous week and the highest mark since December 10, 2014, according to AAA The Auto Club Group. The price was $2.23 four weeks ago.

The national average Sunday was $2.70, up four cents from the mark from the prior Sunday and a new high for the year.

"Thanks to fluctuating oil prices, gasoline keeps inching up at a time of year when prices typically begin their fall," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "Supply disruptions on the U.S. West Coast and increases in the price of crude oil are likely to keep upward pressure on gas prices in the near-term. Despite consecutive weekly increases at the pump, consumers are still expected to pay some of the lowest prices for the Memorial Day Holiday in nearly five years."

Crude oil rose above $60 a barrel again last week, but finished the week at $59.69 on the NYMEX.

 

 

May 18, 2015 9:49 AM