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Gas prices hit 7 year high; prices soar in Tennessee

Gas prices have reached a seven-year high as tensions between Russia and Ukraine make the oil market even tighter. Since last Monday, gas prices across Tennessee have risen 11 cents, on average. The Tennessee Gas Price average is now $3.26 which is 24 cents more expensive  than one month ago and 98 cents more than one year ago.  

The gas price in Coffee County is actually above the state average – coming in at $3.28 per gallon of regular unleaded. That is up 18 cents from last week’s price of $3.10. Surrounding counties aren’t faring much better, with averages in Bedford, Franklin, Moore and Rutherford counties at $3.29.

The National Average is $3.48, that is up 4 cents from $3.44 the previous week.

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“Domestically, the moderating winter weather and optimism over a potential fading of the omicron variant have led to an increase in gas demand,” Stephanie Milani, Tennessee Public Affairs Director, AAA – The Auto Club Group. “Increased demand domestically, coupled with potential sanctions on Russian oil added to the already-tight global supply of crude oil doesn’t give much hope for relief at the pump anytime soon”

Quick Facts

  • 46% of Tennessee gas stations have prices below $3.25 
  • The lowest 10% of pump prices are $3.09 for regular unleaded 
  • The highest 10% of pump prices are $3.53 for regular unleaded

National Gas Prices

The national average price for a gallon of gas rose sharply last week to $3.48, four cents more than a week ago. U.S. oil prices have now increased 22%, so far this year. Seven percent of that increase occurred in the past two weeks. The main culprit behind the recent climb in pump prices remains the high cost of crude oil, which is stubbornly bobbing around $90 per barrel. Moderating winter weather and optimism over a potential fading of the omicron variant have led to an increase in gas demand.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks dropped by 1.6 million bbl to 248.4 million bbl last week. On the other hand, gasoline demand rose from 8.23 million b/d to 9.13 million b/d. A decrease in total stocks and increased demand have contributed to upward pressure on pump prices, but rising crude prices continue to play the dominant role in pushing pump prices higher. Gas prices will likely increase as demand grows and crude oil prices remain above $90 per barrel.

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Today’s national average for a gallon of gas is $3.48, which is 18 cents more than a month ago and 98 cents more than a year ago.

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