Recovery In Fuel Demand Leads To Increase In Gas Prices

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Tennessee gas prices have risen 2.7 cents per gallon in the past week, averaging $1.60/g today, according to GasBuddy's daily survey of 3,821 stations. Gas prices in Tennessee are 4.9 cents per gallon higher than a month ago and stand 92.6 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Tennessee is priced at $1.23/g today while the most expensive is $2.49/g, a difference of $1.26/g. The lowest price in the state today is $1.23/g while the highest is $2.49/g, a difference of $1.26/g.

The national average price of gasoline has risen 2.0 cents per gallon in the last week, averaging $1.86/g today. The national average is up 7.9 cents per gallon from a month ago and stands 99.0 cents per gallon lower than a year ago.

Historical gasoline prices in Tennessee and the national average going back ten years:
May 18, 2019: $2.52/g (U.S. Average: $2.85/g)
May 18, 2018: $2.65/g (U.S. Average: $2.92/g)
May 18, 2017: $2.08/g (U.S. Average: $2.34/g)
May 18, 2016: $2.07/g (U.S. Average: $2.25/g)
May 18, 2015: $2.46/g (U.S. Average: $2.71/g)
May 18, 2014: $3.44/g (U.S. Average: $3.65/g)
May 18, 2013: $3.25/g (U.S. Average: $3.64/g)
May 18, 2012: $3.43/g (U.S. Average: $3.71/g)
May 18, 2011: $3.73/g (U.S. Average: $3.92/g)
May 18, 2010: $2.71/g (U.S. Average: $2.84/g)

Neighboring areas and their current gas prices:
Chattanooga- $1.59/g, down 0.5 cents per gallon from last week's $1.59/g.
Nashville- $1.77/g, unchanged from last week's $1.77/g.
Huntsville- $1.59/g, down 1.4 cents per gallon from last week's $1.61/g.

"The recovery in gasoline prices has continued across much of the country thanks to recovery in fuel demand as states re-open and motorists get out of the house as temperatures are more conducive to outdoor activity. Oil prices continue to follow the gasoline-led recovery, with challenges still seen for portions of the refined oil barrel, including diesel and jet fuel," said Patrick De Haan, head of petroleum analysis for GasBuddy. "It's been a dramatic turn of events- a month ago, gasoline was the least wanted portion of the barrel, and refiners acted quickly to respond to gasoline demand that dropped in half, but now as cabin fever hits Americans, gasoline demand has rebounded notably, which has caused oil prices to follow. Expect the uptick to continue as we approach Memorial Day, but prices will still set multi-year lows for the holiday and may for a good portion of the summer as well, so there should remain optimism with motorists- summer gas prices will remain quite low compared to previous years."

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