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Gas prices jump another 8 cents in Tennessee

Gas prices continue to rise as over 698,000 Tennesseans are forecast is now $4.28 which is 43 cents more expensive than one month ago and $1.41 more than one year ago.  

The average price per gallon in Coffee County currently sits at $4.26, which is 2 cents below the state average and 33 cents below the national average, which has skyrocketed to $4.59 per gallon.

“Road trippers can expect to pay the most expensive gas prices on record for Memorial Day this weekend, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Unfortunately, due to a combination of tightening global oil supplies alongside strengthening demand, the unprecedented pain at the pump is likely to continue throughout the summer driving season.”

Quick Facts

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· 35% of Tennessee gas stations have prices below $4.25
· The lowest 10% of pump prices are $4.11 for regular unleaded 
· The highest 10% of pump prices are $4.54 for regular unleaded

National Gas Prices

The national average for a gallon of gas has not fallen for nearly a month. Gasoline has either remained flat or risen every day since April 24 and has set a new record daily since May 10.^ That was the day gas eclipsed the previous record high of $4.33, set earlier this year on March 11. The national average for a gallon of gasoline is now $4.59 and all 50 states are above $4 per gallon.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 4.8 million bbl to 220.2 million bbl last week. Meanwhile, gasoline demand increased from 8.7 million b/d to 9 million b/d. Tighter supply and increased demand have pushed pump prices higher. This supply/demand dynamic and volatile crude prices will keep upward pressure on pump prices.

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Today’s national average for a gallon of gas is $4.59, which is 47 cents more than a month ago, and $1.56 more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by $1.02 to settle at $113.23—nearly $3 per barrel higher than the closing price at the end of the previous week. Crude prices rose after EIA reported that domestic crude supply decreased by 3.4 million bbl to 420.8 million bbl. The current level is approximately 13.4 percent lower than during the second week of May 2021. Additionally, market optimism for China’s efforts to end some COVID-19 restrictions by June 1 helped to bolster the market, which has continued to worry that global crude demand will decline as a result of continuing restrictions. For this week, however, crude prices may decline amid heightened economic uncertainty as the likelihood of a recession increases. A recession would likely cause crude demand to drop amid decreased economic activity and as a result crude prices would decline.

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