Pump prices likely to continue increasing this week

Published 3:31 pm Monday, May 9, 2022

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According to a report released on Monday, Tennesseans witnessed an 18-cent jump on average in gas prices over the last week.

The average gas price in the state now is $4.08 per gallon — almost $1.37 more than one year ago.

“A tight global oil supply combined with expectations of high summer gasoline demand and rising crude oil prices are pushing prices at the pump more expensive this week,” said Megan Cooper, spokeswoman for AAA. “Right now, the state gas price average is only four cents below the previous record set earlier this year in March. It’s unclear if we will surpass that record this week, but if market conditions persist, it’s likely we could set a new gas price record here in Tennessee.”

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Quick Facts
– 50% of Tennessee gas stations have prices above $4.00
– The lowest 10% of pump prices are $3.87 for regular unleaded
– The highest 10% of pump prices are $4.42 for regular unleaded
– Every metro area in TN saw a double-digit increase in its metro average over the last week

Nationally drivers are paying a lot more at the pump as gasoline costs continue to move steadily higher. The past two weeks have seen the national average of gasoline rise 20 cents to $4.32 which is a penny less than the record high set on March 11.

The report stated that the increase was primarily due to the high cost of crude oil which hovered near $100 a barrel last week and is closing in on $110 now.

With oil prices remaining about $105 per barrel, the prices at the pump will likely face upward pressure.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher.

Meanwhile, today’s national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.

National Oil Market Dynamics
Crude prices rose last week after the European Union announced a proposal to ban oil imports from Russia for six months. Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.

Tennessee Regional Prices
– Most expensive metro markets — Johnson City ($4.14), Morristown (4.12), Knoxville ($4.12)
– Least expensive metro markets — Chattanooga ($3.99), Clarksville ($4.02), Cleveland ($4.03)

Ways to Save on Gasoline
– Combine errands to limit driving time.
– Shop around for the best gas prices in your community.
– Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
– Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
– Drive conservatively. Aggressive acceleration and speeding reduce fuel economy.