By. Alexis Hill, Intern
According to the American Automobile Association, the average price of gas in Tennessee rose 13 cents in the past week.
Find more details in the press release below:
“Tennessee is the 9th least expensive market in the nation
“Gas prices across the state reversed course and moved more expensive over last week. Tennessee gas prices rose 13 cents, on average. The Tennessee Gas Price average is now $3.49 which is 14 cents less expensive than one month ago but 69 cents more expensive than one year ago.
“In Coffee County, average gas price is $3.51 currently. Bedford and Rutherford Counties comes in with an average of $3.53, Warren County $3.55. The cheapest gas in our listening area can be found in Franklin County at $3.33, while Cannon and Grundy counties average $3.43.”
National Gas Prices
“Gas prices are going up again, as the future of the ceasefire between the U.S. and Iran remains uncertain. The national average for a gallon of regular gasoline went up 8 cents last week to $3.87 after steadily dropping since late May. Crude oil prices are currently in the $70 per barrel range but could rise if volatility lingers along the Strait of Hormuz. Prices are still lower than they were in the spring when the national average peaked at $4.56 on May 21.
“According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.13 million b/d to 8.84 million. Total domestic gasoline supply decreased from 214 million barrels to 212.1 million. Gasoline production decreased last week, averaging 9.7 million barrels per day. “
National Oil Market Dynamics
“At the close of Wednesday’s formal trading session, WTI rose $3.08 to settle at $73.52 a barrel. The EIA reports that crude oil inventories increased by 3 million barrels from the previous week. At 411.4 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.”
Tennessee Regional Prices
- “Most expensive metro markets – Nashville ($3.55), Jackson ($3.53), Cleveland ($3.51)
- Least expensive metro markets – Clarksville ($3.39), Morristown ($3.43), Knoxville ($3.44)”
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