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Gas price jumps 6 cents in past week

The Tennessee gas price average continues to trend upward, climbing six cents over last week. The Tennessee Gas Price average is now $1.98 which is 12 cents more than one month ago and 34 cents less than one year ago.

“The recent gas price pump increases are a bit surprising given December demand numbers are the lowest posted for the month since 1999,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Rising crude oil prices and tightening supply are the main factors contributing to the uptick in pump prices.”

The average price for a gallon of regular unleaded gas in Coffee County is $1.96.

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Quick Facts

· 85% of Tennessee gas stations have prices below $2.00
· The lowest 10% of pump prices are $1.80 for regular unleaded
· The highest 10% of pump prices are $2.24 for regular unleaded
· Tennessee remains the 7th least expensive market in the nation

National Gas Prices

Pump prices across the country are getting more expensive as we head into the last weeks of the year. Since Monday, the national gas price average has jumped six cents to $2.22. While not the most expensive price we’ve seen this year, it is the highest national average since mid-September.

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Two factors have contributed to driving up the price at the pump: rising crude oil prices and tightening supply. The domestic price of crude (WTI) has been steadily rising since November, with prices topping $49/bbl. Prices have not been this expensive since February, before stay-at-home guidance was introduced across the country. Prices began to rise last month alongside vaccination news and have only increased with it becoming available.

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