By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average price of gas in Tennessee rose to $4.03 last week.
Find more details in the press release below.
The Tennessee state gas price average has reached $4 per gallon for the first time since July of 2022. The Tennessee Gas Price average is now $4.03 which is 18 cents more expensive than one month ago and $1.31 more expensive than one year ago.
“We saw a 26-cent jump in our state gas price average over last week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Another surge in crude oil prices due to the ongoing Iranian conflict and closure of the Strait of Hormuz is placing additional upward pressure on pump prices. It’s likely that drivers will continue to see increases in pump prices again this week.”
How to Conserve Gasoline
- Combine errands to limit driving time.
- Drive conservatively. Avoid aggressive acceleration and speeding. This reduces fuel economy.
- Remove excess weight in your vehicle. Every 100 pounds can lower fuel economy by 1-2 percent.
- Shop around for the best gas prices in your community by using the AAA mobile app.
- Pay with cash. Some retailers charge more per gallon for customers who pay with a credit card.
AAA Resources for Drivers
- Find the lowest gas prices in your area by using the free AAA mobile app.
- Determine fuel costs for your trip by using the AAA’s Gas Cost Calculator.
- Enroll in savings programs. AAA Members who enroll in Shell’s Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon on each additional trip to the pump. Click here for more information.
- Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
National Gas Prices
After ticking down for nearly two weeks, gas prices are going back up again with the national average seeing a 34-cent hike in one week. The national average is $1.29 higher than it was this time last year, as oil prices surge above $100/barrel with no indication of when the Strait of Hormuz will reopen. Gas prices are the highest they’ve been in four years, since late July 2022.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 9.05 million b/d to 9.10 million. Total domestic gasoline supply decreased from 228.4 million barrels to 222.3 million. Gasoline production decreased last week, averaging 9.8 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $6.95 to settle at $106.88 a barrel. The EIA reports crude oil inventories decreased by 6.2 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($4.10), Johnson City ($4.09), Nashville ($4.07)
- Least expensive metro markets – Knoxville ($3.95), Clarksville ($3.95), Morristown ($3.98)
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