By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average gas price in Tennessee increased three cents over the past week.
Find more details in the press release below.
Gas prices across the state increased three cents, on average, over last week. The Tennessee Gas Price average is now $3.88 which is 64 cents more expensive than one month ago and $1.16 more expensive than one year ago.
“Last week we saw our state gas price average rise to a high of $3.93, before declining to today’s average of $3.88 following the announcement of a two week ceasefire between the U.S. and Iran,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Despite this announcement, crude oil prices have creeped higher over the weekend, highlighting the continued uncertainty and volatility in the oil market.”
Since the conflict escalated in early March, Tennessee’s gas price average has jumped $1.36 per gallon, rising from $2.57 at the beginning of March to last week’s high of $3.93. This marked the highest daily average price Tennessee drivers have seen since August 2022, and adds roughly $20 to the cost of filling a 15-gallon gas tank.
National Gas Prices
The national average for a gallon of regular gasoline went up a penny since last week to $4.12. Crude oil prices remain high, even as they’ve fluctuated in recent days following the announcement of a 2-week ceasefire between the U.S. and Iran. The price for a barrel of crude dropped below $100 but then rose again, highlighting the volatility of oil markets and fluidity of geopolitical events.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.68 million b/d to 8.56 million. Total domestic gasoline supply decreased from 240.9 million barrels to 239.3 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $18.54 to settle at $94.41 a barrel. The EIA reports crude oil inventories increased by 3.1 million barrels from the previous week. At 464.7 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($3.92), Jackson ($3.90),
Clarksville ($3.89) - Least expensive metro markets – Chattanooga ($3.84), Johnson City
($3.85), Memphis ($3.86)
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