By Katie Northcott, News Director
According to the American Automobile Association (AAA), the average gas price in Tennessee last week was $3.85 due to a 22-cent surge in gas prices across the state.
Find more details in AAA’s press release, which is published below.
Gas prices across the state surged 22 cents higher, on average, over last week. The Tennessee Gas Price average is now $3.85 which is 97 cents more expensive than one month ago and $1.06 more expensive than one year ago.
“Ongoing uncertainty in the global fuel market due to the conflict with Iran is continuing to push crude oil prices higher,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “How much higher gas prices climb will largely depend on how long the conflict continues to disrupt global fuel supplies. Additional oil price increases could put further upward pressure on gas prices.”
Since the conflict escalated in early March, Tennessee’s gas price average has jumped $1.28 per gallon, rising from $2.57 at the beginning of March to today’s high of $3.85. This marks the highest daily average price Tennessee drivers have seen since August 2022, and adds roughly $19 to the cost of filling a 15-gallon gas tank.
National Gas Prices
The national average for a gallon of regular exceeded $4/gallon last week for the first time since August 2022. Today’s average of $4.11 is 12 cents higher than last week and 79 cents higher than a month ago. Crude oil prices have been surging, surpassing $100/barrel, as the conflict in the Middle East continues and the Strait of Hormuz remains closed. In 2022, gas prices remained elevated from March through August, peaking in June when the national average reached a record of $5/gallon for one week.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.92 million b/d to 8.68 million. Total domestic gasoline supply decreased from 241.4 million barrels to 240.9 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.26 to settle at $100.12 a barrel. The EIA reports crude oil inventories increased by 5.5 million barrels from the previous week. At 461.6 million barrels, U.S. crude oil inventories are about 0.1% above the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.90), Morristown ($3.87), Nashville ($3.85)
- Least expensive metro markets – Chattanooga ($3.82), Johnson City ($3.82), Cleveland ($3.83)
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