AAA: Tennessee pump prices up nearly two cents

Published 1:24 pm Monday, November 14, 2022

NASHVILLE — Tennesseans once again saw fluctuating pump prices over last week. Today’s state gas price average is nearly two cents more expensive than last Monday’s. The Tennessee Gas Price average is now $3.30 which is nine cents less expensive than one month ago and 16 cents more than one year ago.

“Fluctuating gas prices early last week gave way to gradually declining pump prices at the end of the week,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Even though we are starting the week two cents above where we were last week, we are on the fourth day of a decline in our state gas price average. This week, Tennesseans can likely expect pump prices to ebb and flow again, but the good news is that we aren’t expecting any big swings at the pump for now, assuming market conditions hold steady.”

• 36% of Tennessee gas stations have prices below $3.25

• The lowest 10% of pump prices are $3.06 for regular unleaded

• The highest 10% of pump prices are $3.62 for regular unleaded

• Tennessee is the 8th least expensive market in the nation

The national average for a gallon of gasoline slid three cents in the past week to $3.77. The main reason is the global cost for oil, gasoline’s main ingredient, has been stuck in a narrow price range of $85 to $92 a barrel for several weeks.

According to data from the Energy Information Administration (EIA), gas demand increased from 8.66 million b/d to 9.01 million b/d last week. Total domestic gasoline stocks decreased by nearly 1 million bbl to 205.7 million bbl. Tight supply and robust gasoline demand would typically push pump prices higher, but fluctuating oil prices have limited cost increases.

On Monday, Nov. 14, the national average of $3.77 is 13 cents less than a month ago and 36 cents more than a year ago.

At the close of Friday’s formal trading session, WTI increased by $2.49 to settle at $88.96. Although crude prices jumped at the end of the week due to a weakening dollar, prices dropped earlier in the week after the EIA reported that total domestic commercial crude stocks increased dramatically by 4 million bbl. The inventory rise could mean that demand is falling due to growing economic concerns in the market. For this week, market concerns that economic growth will stall or reverses course, leading to lower crude demand, could push prices lower.

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

• Most expensive metro markets — Jackson ($3.37), Cleveland ($3.36), Memphis ($3.35)

• Least expensive metro markets — Morristown ($3.25), Chattanooga ($3.26), Knoxville ($3.26)