Getting your Trinity Audio player ready...

NASHVILLE – Tennessee gas prices saw a slight increase over the past week but began to decline again over the weekend. As of Monday, the state’s average price for a gallon of gas is $3.07, up just one cent from last week. This price is 10 cents lower than a month ago and 40 cents less than the same time last year.

“We saw some volatility in our state gas prices over last week, but it’s still mostly good news for Tennessee gas prices,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “We can still likely expect fluctuating gas prices this week, but the silver lining is that we’re now seeing gas prices 40 cents cheaper than we were at this time last year.”

National Gas Prices and Trends

Nationally, the average price for a gallon of gas dipped three cents from last week to $3.47. According to the Energy Information Administration (EIA), gas demand decreased from 9.45 million barrels per day (b/d) to 9.25 million b/d last week. Meanwhile, total domestic gasoline stocks fell from 227.4 million barrels to 223.8 million barrels. Gasoline production also decreased, averaging 10.0 million barrels per day. Despite lower gasoline demand, higher oil costs could lead to stable or gradually increasing pump prices, particularly if there are developments in Atlantic storm activity.

As of Monday, the national average for a gallon of gas is $3.47, which is four cents less than a month ago and 36 cents less than a year ago.

National Oil Market Dynamics

On Wednesday, the West Texas Intermediate (WTI) crude oil price rose significantly, increasing by $3.18 to settle at $77.91 per barrel. The EIA reported a decrease in crude oil inventories by 3.4 million barrels from the previous week. U.S. crude oil inventories now stand at 433.0 million barrels, approximately 4% below the five-year average for this time of year.

Tennessee Regional Prices

The most expensive metro markets in Tennessee include Nashville at $3.16 per gallon, Jackson at $3.14, and Cleveland at $3.13. The least expensive markets are Morristown at $2.99, Knoxville at $3.00, and Kingsport at $3.01.

Residents are encouraged to monitor local gas prices as fluctuations are expected in the coming days.