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NASHVILLE — Gas prices in Tennessee have surged for the second consecutive week, increasing by an average of five cents compared to the previous week. The current Tennessee gas price average stands at $2.84, marking a 13-cent increment from one month ago but a notable 36-cent reduction from the figures recorded a year ago.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, remarked, “Last week we saw pump prices rise fairly quickly early in the week, however, we have seen our state gas price average consistently decline since Friday. Right now fluctuating oil prices and higher gasoline demand are contributing to higher pump prices. It’s likely that drivers will continue to see fluctuating prices this week. If crude oil prices move more expensive, drivers may see pump prices rise again this week.”
Quick Facts
23% of Tennessee gas stations have prices below $2.75.
The lowest 10% of pump prices are $2.61 for regular unleaded.
The highest 10% of pump prices are $3.12 for regular unleaded.
Tennessee fell to the 16th least expensive market in the nation.
National Gas Prices
The national average for a gallon of gas has risen by four cents since last week to $3.14. This upward trend is attributed to oil costs edging into the upper $70s per barrel and the normal seasonal increase in demand as winter eases.
New data from the Energy Information Administration (EIA) indicates a rise in gas demand from 7.89 to 8.14 million b/d last week. Meanwhile, total domestic gasoline stocks surged by 1.1 million bbl to 254.1 million bbl. Higher gas demand and fluctuating oil prices have led to increasing pump prices.
On February 5, the national average of $3.14 is six cents more than a month ago but 33 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $1.97 to settle at $75.85. Oil prices experienced a decline last week amidst a strengthening dollar and no indications of new attacks in the Red Sea. Earlier in the week, attacks against shippers raised prices as commercial ships transiting the Red Sea sought longer, more expensive routes to avoid violence. Additionally, the EIA reported that total domestic retail crude stocks increased by 1.2 million bbl to 421.9 million bbl.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
Most expensive metro markets:
Johnson City ($2.94)
Clarksville ($2.90)
Memphis ($2.89)
Least expensive metro markets:
Knoxville ($2.75)
Morristown ($2.79)
Chattanooga ($2.82)