Nashville's per-gallon gas price average drops 8 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.25, down eight cents compared to the mark of a week ago and down 21 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.21, according to AAA The Auto Club Group.

Relatedly, Tennessee’s average price was $2.17 Sunday, down nine cents compared to the figure from the previous week.

The price was $2.38 four weeks ago and $3.21 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.48, 12 cents lower than the mark from the prior Sunday.

Motorists in the Southeast should find the lowest Labor Day gas prices in a decade.  The current state average prices of $2.31 in Florida and Georgia, and $2.17 in Tennessee are $1.06, $1.02, and $1.04 cheaper than the price during last year's holiday respectively.

"Low gas prices are added incentive for Americans to take a road trip this Labor Day weekend," Mark Jenkins, AAA spokesman, said in the release. "Low gasoline prices are an added boost in disposable income, giving travelers more money to spend on lodging, shopping and dining out."

Last week, the price of oil dropped below $40 a barrel, the lowest mark since February 2009. During that time, the national average price of gasoline averaged $1.90. However, oil rallied toward the end of the week, settling at $45.22 on Friday.
 

Aug 31, 2015 10:14 AM

Nashville's per-gallon gas price average drops 3 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.34, down three cents compared to the mark of a week ago and down 16 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.21.

Relatedly, Tennessee’s average price was $2.26 Sunday, down four cents compared to the figure from the previous week, according to AAA The Auto Club Group.

The price was $2.44 four weeks ago and $3.21 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.60, seven cents lower than the mark from the prior Sunday.

Plunging oil prices continue to place downward pressure on prices at the pump, AAA reports. Should oil prices remain at or below their current rate, the national average could dip below $2 per gallon by the end of the year. In the Southeast, the price at the pump has fallen 4 cents in the past week, and more than 20 cents in the past month.

"We may see a little volatility in gas prices as refineries conduct seasonal maintenance," Josh Carrasco, spokesman for AAA The Auto Club Group, said in the release. " After Labor Day, we normally see a drop in gasoline demand as we head out of the busy summer driving season. A decline in demand, refineries switching to winter-blend fuels and falling oil prices should cause a continued drop in price of gas.”

On Friday, the price of West Texas Intermediate oil briefly dipped below $40 a barrel before closing at $40.45 — the lowest daily closing price since March 2009.
 

Aug 24, 2015 10:38 AM

Nashville's per-gallon gas price average drops 4 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.37, down four cents compared to the mark of a week ago and down 18 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.27.

Relatedly, Tennessee’s average price was $2.30 Sunday, down two cents compared to the figure from the previous week, according to AAA The Auto Club Group.

The price was $2.48 four weeks ago and $3.22 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.67, seven cents higher than the mark from the prior Sunday.

The price of oil is on its longest weekly slump of the year, after reaching the lowest closing price since the Great Recession, AAA reports. This continues to put downward pressure on the price of gasoline, which dropped another two cents last week in the Southeast.

"There continues to be a surplus amount of oil in the global market, which is expected to keep prices of both oil and gasoline on the low end through the rest of this year," Mark Jenkins, AAA spokesman AAA, said in a release. "Gas prices did not fall as fast last week as they have in recent weeks, but that is to be expected because we are still in the middle of the peak driving season. Gas prices should fall even faster in the fall when school is back in session."

Last week, the price of oil reached its lowest closing price since March 3, 2009. On that day, the price of oil was $41.65, and gasoline averaged $1.98 in Florida, $1.84 in Georgia and $1.81 in Tennessee, according to AAA.

Aug 17, 2015 10:22 AM

Nashville's per-gallon gas price average drops 4 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.41, down four cents compared to the mark of a week ago and down 17 cents from the figure of four weeks prior.

This time in 2014, the average per-gallon price of regular gas in Nashville was $3.29.

Relatedly, Tennessee’s average price was $2.32 Sunday, down five 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 $3.24 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.60, five cents lower than the mark from the prior Sunday and the lowest average for this time of year since 2009.

An oil price plunge continues to place downward pressure on prices at the pump, according to AAA. Gas prices in the Southeast have fallen five to six cents in the past week and more than 20 cents during the past month.

"Gas prices are falling with very little resistance," Mark Jenkins, spokesman for AAA The Auto Club Group, said in the release. "Oil prices are forecast to remain at this level through the rest of the year. If that happens, and there are no supply issues, markets could see $2 gasoline again this fall.

On Friday, the price of WTI oil closed at $43.87 — the lowest daily closing price since March 16 when WTI reached a six-year low of $43.46.
 

Aug 10, 2015 11:38 AM

Nashville's per-gallon gas price average drops 5 cents

The average per-gallon price of regular gas in Nashville on Sunday was $2.45, down five cents compared to the mark of a week ago and down 13 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 $2.37 Sunday, down five cents compared to the figure from the previous week, according to AAA The Auto Club Group.

The price was $2.53 four weeks ago and $3.27 a year ago. In Tennessee, the peak price to date this year has been $2.58 (on June 17).

The national average Sunday was $2.65, seven cents lower than the mark from the prior Sunday and the lowest average for this time of year since 2009.

Gas prices are falling at the fastest rate since January due to cheaper crude oil costs and the resolution of some refinery issues in the western United States, according to AAA. The national average price of gas has dropped 18 consecutive days and 12 cents per gallon.

“It feels good to see gas prices drop during the middle of the busy summer driving season,” said Mark Jenkins, spokesman for AAA The Auto Club Group. “Millions of people are hitting the roads right now and these gas savings should make their trips more affordable.”

Gas prices averaged $2.75 per gallon in July, which was the lowest average for the month since 2010. Today’s average gas prices are about 86 cents per gallon less than the figure from a year ago. The national average has dropped about 15 cents per gallon since hitting a 2015 high of $2.80 on June 15.

This is the second year in a row that gas prices dropped in July. Last year, average prices dropped 16 cents per gallon during the month before eventually plummeting $1.65 per gallon though January.

Oil prices dropped sharply in July on oversupply concerns for the second year in a row. The cost of West Texas Intermediate crude oil closed at a high of $61.43 per barrel in late June and has since dropped below $48 per barrel.

Aug 3, 2015 10:49 AM

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

The average per-gallon price of regular gas in Nashville on Sunday was $2.50, 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