AAA: TN gas prices rise 9 cents
Published 12:24 pm Monday, January 9, 2023
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Tennessee is now the 10th least expensive market in the nation
NASHVILLE — Gas prices across the state remained volatile last week, as pump prices rose another nine cents, on average. The Tennessee Gas Price average is now $2.98 which is eight cents more expensive than one month ago and four cents less than one year ago.
“As expected, gas prices continued to fluctuate last week, giving way to incremental declines over the weekend,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Barring any rebound in crude oil prices, we could see gas prices begin to slowly trend cheaper over this week, as refinery activity has ramped back up and global economic concerns are continuing to impact the market.”
Quick Facts
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77% of Tennessee gas stations have prices below $3.00
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The lowest 10% of pump prices are $2.77 for regular unleaded
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The highest 10% of pump prices are $3.26 for regular unleaded
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Tennessee is the 10th least expensive market in the nation
National Gas Prices
The recent surge in gas prices caused by frigid weather and robust holiday road travel may be ending. While the national average price rose daily starting on Christmas Eve, when it was $3.09, the steam may have run out as pump prices flattened and then fell by a penny over the weekend. The national average for a gallon of gas rose seven cents since last week to $3.28.
According to data from the Energy Information Administration, gas demand dropped from 9.33 million to 7.51 million b/d last week. Meanwhile, total domestic gasoline stocks fell by 300,000 bbl to 222.7 million bbl. Lower gasoline demand has contributed to limiting increases in pump prices.
On Jan. 9, the national average of $3.28 is three cents less than a month ago and two cents less than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by 10 cents to settle at $73.77. A lower dollar helped to push crude prices higher at the end of the week. However, crude prices declined earlier in the week amid ongoing global economic concerns due to rising COVID-19 cases in China. Crude prices could decline further this week if economic concerns persist.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
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Most expensive metro markets — Johnson City ($3.08), Morristown ($3.06), Kingsport ($3.02)
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Least expensive metro markets — Clarksville ($2.88), Chattanooga ($2.91), Nashville ($2.97)
