AAA: TN gas prices rise eight cents

Published 3:47 pm Monday, April 3, 2023

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Tennessee fell to the 11th least expensive market in the nation

NASHVILLE — Gas prices across the state moved more expensive again this week, rising a total of eight cents, on average. The Tennessee Gas Price average is now $3.21which is 16 cents more expensive than one month ago but 76 cents less than one year ago.
“After a jump in pump prices early last week, the state gas price average has held steady for the last four days,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “However, drivers shouldn’t get too comfortable as crude oil prices moved higher over the weekend following a surprise announcement from Saudi Arabia and other OPEC+ countries of plans to cut oil production next month. Fluctuations at the pump are likely throughout the week as the market continues to digest this news.”

Quick Facts
* 62% of Tennessee gas stations have prices below $3.25
* The lowest 10% of pump prices are $2.96 for regular unleaded
* The highest 10% of pump prices are $3.49 for regular unleaded
* Tennessee is the 11th least expensive market in the nation

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National Gas Prices
The national average for a gallon of regular gasoline rose seven cents since last week to hit $3.50. Robust demand for gasoline and rising oil prices are the driving factors for the recent uptick in pump prices.
According to new data from the Energy Information Administration (EIA), gas demand increased from 8.96 million to 9.15 million b/d last week. Meanwhile, total domestic gasoline stocks decreased substantially by 2.9 million bbl to 226.7 million bbl. Increased demand amid tighter supply has contributed to pushing pump prices higher. If demand continues to rise, pump prices will likely follow suit.
On April 3, national average of $3.50 is 11 cents more than a month ago but 69 cents less than a year ago.

National Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI decreased by 23 cents to settle at $72.97. Oil prices declined slightly at the end of last week due to market concerns about oversupply as oil demand continues to rise. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 7.5 million bbl to 473.7 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices
* Most expensive metro markets – Nashville ($3.30), Clarksville ($3.27), Cleveland ($3.26)
* Least expensive metro markets – Knoxville ($3.15), Jackson ($3.15), Kingsport ($3.15)