By Katie Northcott, News Director
According to the American Automobile Association (AAA), drivers are seeing the most expensive gas prices since August 2022.
Find more details in the press release published below.
Gas prices across the state moved 30 cents more expensive, on average, over last week. The Tennessee Gas Price average is now $3.64 which is $1.09 more expensive than one month ago and 96 cents more than one year ago.
“Tennessee pump prices have risen over a dollar more expensive since the beginning of the month, and we’re now seeing the most expensive gas prices since August 2022,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Elevated crude oil prices, the seasonal switch to summer blend gasoline and an expected rise in gasoline demand are all placing upward pressure on prices at the pump.”
National Gas Prices
Last week marked the official start of Spring and prices at the pump continued to climb by 24 cents since last week. With the Spring equinox ushering in warmer weather and more time on the road, gas prices are trending upward alongside seasonal demand. The recent announcement by the White House to release 172 million barrels of oil from its strategic reserves over four months has no immediate relief on the oil market as the price of a barrel of crude continues to climb.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.24 million b/d to 8.72 million. Total domestic gasoline supply decreased from 249.5 million barrels to 244.0 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 rose 11 cents to settle at $96.32 a barrel. The EIA reports crude oil inventories increased by 6.2 million barrels from the previous week. At 449.3 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($3.69), Cleveland ($3.67), Clarksville ($3.67)
- Least expensive metro markets – Morristown ($3.54), Johnson City ($3.59), Knoxville ($3.60)
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