By Katie Northcott, News Director
According to the American Automobile Association, the average price of gas in Tennessee last was down three cents from the week before.
Find more details in the press release published below.
Tennessee gas prices continued to fluctuate over last week, falling three cents, on average. The Tennessee Gas Price average is now $2.52 which is a penny more
expensive than one month ago but 27 cents less than one year ago.
“We’re continuing to see our gas prices across the state fluctuate in a familiar range from week to week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Although this trend is expected to continue into the spring driving season, drivers are currently enjoying a break at the pump, with prices nearly 30 cents lower than a year ago.”
National Gas Prices
Drivers may have noticed gas prices ticking up slightly ahead of the holiday weekend. The national average for a gallon of regular is up a couple of cents from last week to $2.92. Current prices remain below what they were this time last year when the national average was $3.15.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.15 million b/d to 8.30 million. Total domestic gasoline supply increased from 257.9 million barrels to 259.1 million. Gasoline production increased last week, averaging 9.1 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 67 cents to settle at $64.63 a barrel. The EIA reports crude oil increased by 8.5 million barrels from the previous week. At 428.8 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($2.59), Nashville ($2.58), Memphis ($2.56)
- Least expensive metro markets – Chattanooga ($2.45), Knoxville ($2.46), Clarksville ($2.47)
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