Gas Prices Might Stabilize Over Next Few Weeks

Tennessee gas prices have fallen 1.7 cents per gallon in the past week, averaging $2.84/g today, according to GasBuddy's daily survey of 3,821 stations in Tennessee. Gas prices in Tennessee are 1.5 cents per gallon lower than a month ago and stand 97.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Tennessee is priced at $2.09/g today while the most expensive is $3.44/g, a difference of $1.35/g. The lowest price in the state today is $2.09/g while the highest is $3.44/g, a difference of $1.35/g.

The national average price of gasoline has fallen 0.5 cents per gallon in the last week, averaging $3.17/g today. The national average is unchanged from a month ago and stands $1.01/g higher than a year ago.

Historical gasoline prices in Tennessee and the national average going back ten years:
August 16, 2020: $1.87/g (U.S. Average: $2.16/g)
August 16, 2019: $2.31/g (U.S. Average: $2.62/g)
August 16, 2018: $2.60/g (U.S. Average: $2.85/g)
August 16, 2017: $2.13/g (U.S. Average: $2.34/g)
August 16, 2016: $1.91/g (U.S. Average: $2.13/g)
August 16, 2015: $2.29/g (U.S. Average: $2.68/g)
August 16, 2014: $3.22/g (U.S. Average: $3.46/g)
August 16, 2013: $3.31/g (U.S. Average: $3.53/g)
August 16, 2012: $3.47/g (U.S. Average: $3.71/g)
August 16, 2011: $3.46/g (U.S. Average: $3.58/g)

Neighboring areas and their current gas prices:
Chattanooga- $2.75/g, down 3.9 cents per gallon from last week's $2.79/g.
Nashville- $2.90/g, down 1.8 cents per gallon from last week's $2.92/g.
Huntsville- $2.81/g, unchanged from last week's $2.81/g.

"As the number of Covid cases continues to surge globally, oil prices continue to be under pressure due to some countries instituting travel and movement limitations. This limits oil demand, which has led to the increase in gas prices slowing, and many states seeing slight drops compared to prices a week ago," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, the tropics are heating up, which could be a source of upward pressure on gas prices should we see a major hurricane target the Gulf Coast. However, without such a storm, gas prices may see some stability over the coming week or two, before slowly decreasing as the summer driving season wraps up."