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Gas prices hold steady for the first time in weeks

For the first time in four weeks, gas prices across the state held steady instead of increasing. Gas prices in Tennessee, on average, are the same as last week. The Tennessee Gas Price average is now $2.23 which is nearly 12 cents more than one month ago and nearly four cents more than one year ago.

Average prices in Coffee County are on par with the state average at $2.23 per gallon of regular unleaded. The National gas price is $2.46.

“Even though gas prices held steady across the state this week, it’s likely that Tennesseans can expect to pay more at the pump this month ” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “Crude oil prices jumped $4 per barrel over last week and are the most expensive that we’ve seen since January 2020. It typically takes a few weeks to see the impact at the pump from changes in crude oil pricing, but given that crude accounts for more than 50% of retail price, it’s very likely that we will see pump prices begin to trickle upward in response.”

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Quick Facts

· 57% of Tennessee gas stations have prices below $2.25
· The lowest 10% of pump prices are $2.05 for regular unleaded
· The highest 10% of pump prices are $2.48 for regular unleaded
· Tennessee remains the 10th least expensive market in the nation

National Gas Prices

This past Saturday, February 6, was the first time in 340 days the national average was more expensive than a year ago. Today, nearly two-thirds of all state gas price averages are more expensive year-over-year. Pump prices continue to climb, in part due to expensive crude oil and the market’s growing optimism that demand will increase amid the vaccination roll-out.

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