By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average gas price across Tennessee was up four cents last week.
The full press release is published below.
Gas prices across the state edged higher over last week, shifting four cents more expensive, on average. The Tennessee Gas Price average is now $2.55 which is 11 cents more expensive than one month ago but 21 cents less than one year ago.
“Even though our gas prices shifted more expensive over last week, drivers are still seeing prices nearly a quarter less expensive compared to this time last year,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “We’re heading into the time of year when we would expect to see a gradual increase in pump prices, as spring break typically signals a gradual increase in gasoline demand and refineries gear up to make the switch to summer-blend gasoline production.”
National Gas Prices
The month of February is kicking off with slightly higher gas prices. The national average for a gallon of regular is up three cents from last week to $2.90. Gasoline demand is down, as fewer drivers hit the road during the recent winter storms. But this is the time of year when pump prices start nudging higher, as spring approaches and refineries start making the switch to summer-blend gasoline production. Current prices remain below what they were this time last year when the national average was $3.12.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.75 million b/d to 8.15 million. Total domestic gasoline supply increased from 257.2 million barrels to 257.9 million. Gasoline production decreased last week, averaging 9.0 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $1.93 to settle at $65.14 a barrel. The EIA reports crude oil inventories decreased by 3.5 million barrels from the previous week. At 420.3 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($2.64), Cleveland ($2.61),nJackson ($2.61)
- Least expensive metro markets – Morristown ($2.44), Knoxville ($2.46), Clarksville ($2.46)
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