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NASHVILLE – Gas prices in Tennessee experienced a slight dip early last week but rebounded to become more expensive over the weekend, marking a two-cent increase over the past week on average. The Tennessee Gas Price average now stands at $2.86, reflecting a 12-cent increase compared to one month ago, yet still presenting a 24-cent decrease compared to the prices from a year ago.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, attributed the recent fluctuations to scheduled seasonal refinery maintenance and an uptick in gasoline demand. Cooper stated, “We’re starting to see routine refinery maintenance beginning to help prepare for the switch from winter to summer blend gasoline. This is also the time of year that we see a gradual increase in gasoline demand ahead of the busier Spring driving season. Both of these are creating upward pressure on gas prices, which means that drivers can likely expect continued fluctuation in pricing at the pump again this week.”
Quick Facts:
23% of Tennessee gas stations have prices below $2.75.
The lowest 10% of pump prices are $2.63 for regular unleaded.
The highest 10% of pump prices are $3.18 for regular unleaded.
Tennessee ranks as the 14th least expensive market in the nation.
National Gas Prices:
The national average for a gallon of gas slightly dipped before rising five cents higher to $3.19. Seasonal demand trends, higher costs for oil, and routine refinery maintenance are anticipated to gradually push pump prices higher this week.
According to data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million b/d last week, while total domestic gasoline stocks decreased by 3.1 million bbl to 251 million bbl. These factors have contributed to the elevated pump prices. The current national average of $3.19 reflects a twelve-cent increase compared to a month ago but remains 22 cents less than a year ago.
National Oil Market Dynamics:
WTI prices rose to $73.86 at the close of Wednesday’s trading session. The increase in oil prices followed reports from the EIA indicating a slight decrease in refinery oil processing, signaling winter maintenance increases in anticipation of the spring driving season. Additionally, total domestic commercial crude stocks increased by 5.5 million bbl to 427.4 million bbl, as reported by the EIA.
Drivers can access current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices:
Most expensive metro markets: Memphis ($2.91), Jackson ($2.90), Johnson City ($2.90)
Least expensive metro markets: Chattanooga ($2.80), Cleveland ($2.81), Morristown ($2.82)