By Katie Northcott, News Director
On Monday, March 30, the American Automobile Association (AAA) reported that the average price of gas in Tennessee had dropped for the first time in almost a month.
Find more details in the press release below.
Gas prices across Tennessee moved less expensive last week for the first time in nearly four weeks. The Tennessee Gas Price average is now $3.63 which is $1.07 more expensive than one month ago and 83 cents more than one year ago.
“After reaching a high of $3.65 per gallon last week, the state gas price average moved lower for the first time in 25 days,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “While this is a nice break in pace, it’s important to remember that continued volatility in the global oil market due to the ongoing conflict with Iran is keeping upward pressure on our pump prices. It’s likely that drivers will continue to see price fluctuations this week at the gas pump.”
Since the conflict escalated earlier this month, Tennesee’s gas price average jumped $1.08 per gallon, rising from $2.57 at the beginning of March to a high of $3.65 per gallon last week. That marked the highest daily average price Tennessee drivers have seen since August 2022, and adds roughly $16 to the cost of filling a 15-gallon gas tank.
National Gas Prices
The national average for a gallon of regular gasoline is up four cents from last week and one dollar since last month. Crude oil prices remain high as the Iran conflict nears the 4-week mark. The national average could reach $4/gallon in the coming days for the first time since August 2022. Gasoline demand is also on the rise as spring break season continues, another factor in rising pump prices.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.72 million b/d to 8.92 million. Total domestic gasoline supply decreased from 244 million barrels to 241.4 million. Gasoline production increased last week, averaging 9.7 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $2.03 to settle at $90.32 a barrel. The EIA reports crude oil inventories increased by 6.9 million barrels from the previous week. At 456.2 million barrels, U.S. crude oil inventories are about 0.1% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($3.70), Jackson ($3.69), Nashville ($3.65)
- Least expensive metro markets – Morristown ($3.51), Chattanooga ($3.55), Knoxville ($3.57)
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