Gas prices continued to fluctuate across the state last week. The Tennessee Gas Price average is now $2.99 which is nearly 23 cents more expensive than one month ago and three cents less than one year ago.
The average cost for a gallon of gasoline in Coffee County is $2.88 – a 5 cent drop compared to last week’s average of $2.93.
“Oil prices continue to be the biggest factor influencing pump prices right now,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “While we are still seeing downward pressure on our pump prices from lackluster gasoline demand, increasing crude oil prices are causing our gas prices to continue to trend higher. Drivers will likely continue to see prices fluctuate further this week.”
- 68% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.96 for regular unleaded
- The highest 10% of pump prices are $3.31 for regular unleaded
- Tennessee is the 7th least expensive market in the nation
National Gas Prices
The short days and messy weather of January are combining to keep people off the roads, lowering gasoline demand. But the price of oil rose as fears of a global economic recession eased. The national average for a gallon of gas rose by five cents since last week to $3.32.
According to data from the Energy Information Administration, gas demand barely budged last week, rising slightly from 7.51 million b/d to 7.56 b/d. Meanwhile, total domestic gasoline stocks rose from 222.7 million bbl to 226.8 million bbl. Flat gasoline demand and increased supply are contributing to limited pump price increases.
Today’s national average of $3.32 is 17 cents more than a month ago and a penny more than a year ago.