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NASHVILLE — Gas prices across Tennessee moved higher over last week, but at a much slower rate compared to recent weeks. Over the past week, gas prices increased by an average of two cents. The Tennessee Gas Price average now stands at $3.09, which reflects an increase of 11 cents compared to one month ago but is one cent lower than prices seen one year ago.

“Pump price increases slowed down over the last week, but that trend may not last long,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Both gasoline and crude oil futures rose again last week, which means it’s likely drivers will see prices at the pump fluctuate higher again this week.”

Quick Facts:

• 40% of Tennessee gas stations have prices below $3.00.
• The lowest 10% of pump prices are $2.85 for regular unleaded.
• The highest 10% of pump prices are $3.40 for regular unleaded.
• Tennessee ranks as the 6th least expensive market in the nation.

National Gas Prices:

The national average for a gallon of gas has been rising since last week, moving seven cents higher to $3.46. With the cost of oil surpassing the $80 per barrel mark and gas demand increasing with warmer temperatures and better weather, more increases may be on the horizon. Another critical factor contributing to potential price hikes is the arrival of more expensive summer blend gas, which tends to increase pump prices by 10 to 15 cents.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.01 to 9.04 million b/d last week. Meanwhile, total domestic gasoline stocks dropped by 5.6 million bbl to 234.1 million bbl. Higher gas demand, amid tightening supply, has pushed pump prices higher.

On February 18, the national average of $3.46 represents a 19-cent increase compared to a month ago and a two-cent increase compared to a year ago.

National Oil Market Dynamics:

At the close of Wednesday’s formal trading session, WTI increased by $2.16 to settle at $79.72. Oil prices surged after Ukrainian drones struck Russian refineries. The extent of the damage is unclear, but repairs could curtail Russian petroleum product exports, including diesel, and force it to import products it needs. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 1.5 million bbl to 447 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: Johnson City ($3.21), Kingsport ($3.16), Memphis ($3.14).
• Least expensive metro markets: Morristown ($2.98), Cleveland ($2.99), Chattanooga ($3.01).