Tennessee is the 8th least expensive market in the nation
Gas prices continue to move more expensive across the state, rising 11 cents, on average, over last week. The Tennessee Gas Price average is now $3.92 which is 25 cents more expensive than one month ago and $1.15 cents more expensive than one year ago.
“Crude oil prices surged to over $100 per barrel last week after tensions intensified in the Middle East,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Gas price increases slowed over the weekend, however, if crude oil prices remain elevated, it’s likely that drivers will see pump prices continue to fluctuate highter throughout the week.”
The last time Tennessee had a state gas price average above $4 per gallon was in early May when gas prices reached a high of $4.21. Tennessee drivers are now seeing gas prices $1.15 more expensive compared to last year, which adds roughly $17 to the cost of filling a 15-gallon gas tank.
The least expensive gas in our listening area is in Bedford County, averaging $3.88 per gallon. The most expensive is $3.99 per gallon in Warren County.
National Gas Prices
The national average for a gallon of regular gasoline went up 16 cents since last week to $4.31 as crude oil prices continue climbing. Volatility in the Strait of Hormuz has pushed crude oil back in the $100 per barrel range for the first time since July. Pump prices are currently comparable to early June. The national average is increasing during a season when gas prices typically go down due to lower gasoline demand.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million barrels per day to 8.55 million. Total domestic gasoline supply increased from 205.7 million to 206.9 million barrels. Gasoline production decreased last week from 9.8 million barrels per day to 9.3 million barrels.
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