Tennessee gas prices moved four cents higher, on average, over last week. The Tennessee Gas Price average is now $3.47 which is 30 cents more expensive than one month ago and three cents more than one year ago.
“Gas price increases early last week gave way to lower gas prices over the weekend. The state gas price average actually saw a three cent decrease from Thursday to today,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “For this week, drivers should continue to expect volatility in pump prices, especially as we head into peak hurricane season. Pump prices typically increase if a tropical storm threatens refineries in the Gulf Coast – particularly along the Texas, Louisiana, and Mississippi coastlines. These refineries are the primary suppliers of gasoline for Tennessee. The extent of price increases varies depending on the severity of the storm and the extent of any damages sustained by the refineries or supply chain.”
Quick Facts
- 68% of Tennessee gas stations have prices below $3.50
- The lowest 10% of pump prices are $3.24 for regular unleaded
- The highest 10% of pump prices are $3.78 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
National Gas Prices
The national average for a gallon of gas moved a penny higher since last week, despite lower demand and the price of oil falling several dollars per barrel and struggling to stay above $80. But the potential for hurricane development and forecasts of an expanding heat dome over Texas, Oklahoma, and Kansas next week could push oil prices higher. Refineries in these states may have to curb production to deal with the sizzling temperatures.
According to new data from the Energy Information Administration (EIA), gas demand slid from 9.30 to 8.85 million b/d last week. Meanwhile, total domestic gasoline stocks slightly decreased from 216.4 to 216.2 million bbl. Although demand has fallen, fluctuating oil prices have kept pump prices elevated.
Today’s national average of $3.86 is 28 cents more than a month ago but four cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $1.61 to settle at $79.38. Oil prices declined last week amid ongoing concern that if interest rates continue to increase, the economy could tip into a recession. If it does, oil demand and prices would likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased from 445.6 to 439.7 million bbl.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($3.57), Cleveland ($3.57), Clarksville ($3.52)
- Least expensive metro markets – Knoxville ($3.36), Johnson City ($3.36), Kingsport ($3.37)
AAA reports the current average price of gas in Manchester is $3.53 per gallon. See the link here: https://gasprices.aaa.com/?state=TN
