Tennessee's state average gas price is $2.43 per gallon for regular unleaded, placing it as the 7th lowest average in the nation. The average is six cents below last week's average, 12 cents less than a month ago and 20 cents less than one year ago.
Sam's Club on John R. Rice Blvd currently has the lowest price of regular unleaded fuel at $2.10 per gallon. Murphy USA (2435 Billy Blvd, Murfreesboro, TN 37127) currently has regular unleaded at $2.14 per gallon. The Dodge's Store on Broad Street is offering regular unleaded for $2.15 per gallon.
Today's national average is $2.64, which is seven cents less expensive than last Monday, 13-cents less than a month ago and 21-cents cheaper than a year ago. Domestic gasoline stocks built by a surprising 4.4 million bbl, according to the Energy Information Administration's (EIA) latest data, bringing the U.S. stock level not seen since the end of March.
"On the week, nearly half of all states saw gas price averages decrease by at least a nickel," said Jeanette Casselano, AAA spokesperson. "While gasoline demand increased week-over-week, it wasn't enough to stay on pace with the huge jump in gasoline stocks. Therefore, pump prices continue to decline across the country."
Crude Oil
At the close of Friday's formal trading session on the NYMEX, WTI increased by a $1.96 to settle at $54.50. Crude prices increased last week after reports emerged that OPEC is considering additional crude production cuts. In July, the cartel announced that it and its partners would extend the 1.2 million b/d crude production reduction agreement for an additional nine months. More details about the potential production cuts will likely be discussed at OPEC's next meeting on December 5-6 in Vienna. Crude prices could increase this week amid further indications that global crude supply will tighten this fall.