AAA: TN gas prices rise a penny

Published 1:11 pm Monday, October 31, 2022

NASHVILLE — Drivers will see just slightly spookier gas prices at the pump this Halloween. After fluctuating last week, gas prices across the state have risen, on average, a penny over last Monday. The Tennessee Gas Price average is now $3.32 which is 12 cents more expensive than one month ago and 16 cents more than one year ago.

“Gas prices in Tennessee saw some fluctuation at the end of last week, however, the state gas price average has shifted downward incrementally over the last three days,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Additional fluctuation is expected throughout the coming week. With persistent downward pressure on prices still lingering in the market, hopefully this week will bring more treats than tricks for drivers.”

• 29% of Tennessee gas stations have prices below $3.25

• The lowest 10% of pump prices are $3.11 for regular unleaded

• The highest 10% of pump prices are $3.65 for regular unleaded

• Tennessee is the eight least expensive market in the nation

The national average pump price continued its recent trend by dipping three cents over the past week to hit $3.76. Tepid domestic gas demand and waffling global oil prices are the main reasons, although much lower West Coast gas prices are playing a part too.

According to data from the Energy Information Administration, gas demand rose slightly from 8.68 million b/d to 8.93 million b/d last week, and total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. Although gasoline demand is up slightly, it remains nearly 400,000 bbl lower than this time last year. Fluctuating oil prices and low demand contribute to the national average prices moving downward.

On October 31, 2022, the national average of $3.76 was three cents lower than a month ago and 36 cents more than a year ago.

At the close of Friday’s formal trading session, WTI decreased by $1.18 to settle at $87.90. A lower dollar contributed to price increases earlier last week; however, market concerns about global crude demand, after China announced more COVID lockdowns, sent prices lower at the end of the week. For this week, persistent market concerns that economic growth will stall or decline, alongside decreased crude oil demand, could put downward pressure on prices.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

• Remain seated and buckled. Everyone in the vehicle should remain seated and buckled at all times, even when parked on the side of the road.

• Designate a navigator. If you need to check a map, take pictures, or do anything that will take your attention off the road, pull over or delegate those tasks to a passenger.

• If you are driving, focus on driving. Even going just a few miles over the speed limit in a residential neighborhood greatly increases the dangers for cyclists and pedestrians sharing the road.

• Keep an eye out for trick-or-treaters. Pedestrians can be very unpredictable, especially children. Be on the lookout for children’s shoes or costumes under vehicles to make sure they are not crossing the street between parked cars in neighborhoods.

• For more Halloween safety tips visit AAA.com/Halloween.

• Most expensive metro markets — Jackson ($3.40), Memphis ($3.40), Nashville ($3.34)

• Least expensive metro markets — Johnson City ($3.25), Kingsport-Bristol ($3.25), Chattanooga ($3.28)