Gas prices rise five cents across Tennessee, reflecting national trend

Published 2:09 pm Monday, April 8, 2024

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NASHVILLE – Gas prices in Tennessee have once again increased over the past week, rising by an average of five cents. The Tennessee Gas Price average now stands at $3.20, marking a 12-cent increase compared to one month ago, yet remaining 10 cents lower than this time last year.

“The roller coaster at the gas pump continues this week with a five cent increase in our state gas price average,” stated Megan Cooper, spokeswoman for AAA – The Auto Club Group. “With recent changes in the oil market, we’re seeing renewed upward pressure on oil prices. This is likely why we’re seeing a wide range of pricing across our major metro areas in Tennessee with a 22 cent difference between the most and least expensive metros in the state. Drivers can likely expect to see a wide range of pricing across the state again this week as gas prices begin to normalize.”

Quick Facts:

  • 67% of Tennessee gas stations have prices below $3.25.
  • The lowest 10% of pump prices are $2.97 for regular unleaded.
  • The highest 10% of pump prices are $3.52 for regular unleaded.
  • Tennessee ranks as the 7th least expensive market in the nation.

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National Gas Prices:

The national average for a gallon of gas climbed six cents to $3.59 since last week. Ominous overseas news, a surge in domestic gasoline demand, and rising oil prices to the mid-$80s per barrel contributed to this increase.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.72 to 9.23 million b/d last week, while total domestic gasoline stocks decreased by 4.2 million bbl to 227.8 million bbl. Higher demand and rising oil prices are expected to push pump prices higher.

On Monday, April 8, the national average of $3.59 is 19 cents more than a month ago and remains the same as one year ago.

National Oil Market Dynamics:

At the close of Wednesday’s formal trading session, WTI increased by 28 cents to settle at $85.43. Oil prices edged higher despite EIA reporting an increase of 3.2 million barrels from the previous week. U.S. crude oil inventories currently stand at 451.4 million barrels, about 2% below the five-year average for this time of year.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices:

  • Most expensive metro markets: Clarksville ($3.29), Nashville ($3.26), Jackson ($3.26).
  • Least expensive metro markets: Morristown ($3.07), Knoxville ($3.07), Kingsport ($3.14).