Gas prices across the state are now starting to show signs of stabilization. Today’s state gas price average is only a penny cheaper than last week. The Tennessee gas price average is now $2.73 which is nearly 38 cents less expensive than one month ago and 25 cents less than one year ago.
The average cost for a gallon of gasoline in Coffee County is $2.57 – a 2 cent drop compared to last week’s average of $2.59.
“Falling gas prices early last week gave way to some slight fluctuation in prices over the weekend, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “This could be a sign that Tennessee gas prices are beginning to stabilize. Over last week our metro areas saw a wide range of fluctuation, and it’s likely that fluctuation will continue through the end of the year.”
On Christmas Day, the Tennessee gas price average was $2.73 per gallon, 26 cents cheaper than what travelers paid in 2021.
- 54% of Tennessee gas stations have prices below $2.75
- The lowest 10% of pump prices are $2.39 for regular unleaded
- The highest 10% of pump prices are $3.10 for regular unleaded
- Tennessee is the 7th least expensive market in the nation
National Oil Market Dynamics
At the close of last Wednesday’s formal trading session, WTI increased by $2.06 to settle at $78.29. Crude prices have increased this week after the EIA reported that total domestic commercial crude stocks decreased substantially by 5.9 million bbl to 418.2 million bbl last week. The drawdown signals that oil demand may continue to rise despite ongoing market concerns that a recession or slowdown could occur next year. If economic growth falters, crude demand will likely drop alongside prices.