By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average price of gas in Tennessee held steady last week.
Find more details in the press release below.
Gas prices across the state held steady over last week. The Tennessee Gas Price average is now $3.77 which is the same as one week ago, 15 cents more expensive than one month ago and $1.00 more expensive than one year ago.
“Gas prices held relatively steady over last week, but we did continue to see price fluctuations across most of the state,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Crude oil prices moved higher last week due to continued global supply concerns tied to the tensions with Iran and uncertainty surrounding the Strait of Hormuz. For drivers, this means that continued volatility in pump pricing is likely to stick around this week.”
National Gas Prices
The national gas price average has risen by 7 cents since last week to $4.11, due to continued instability along the Strait of Hormuz. Currently, pump prices are the highest they’ve been during this time of year since 2022, when the national average on April 23 was $4.11.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased lastweek from 9.08 million b/d to 9.05 million. Total domestic gasoline supply decreased from 232.9 million barrels to 228.4 million. Gasoline production increased last week, averaging 10.1 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $3.29 to settle at $92.96 a barrel. The EIA reports crude oil inventories increased by 1.9 million barrels from the previous week. At 465.7 million barrels, U.S. crude oil inventories are about 3% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.84), Johnson City
($3.84), Memphis ($3.82) - Least expensive metro markets – Chattanooga ($3.67), Clarksville
($3.69), Cleveland ($3.71)
