Though the average price of gasoline increased by a penny this week, Tennessee remains the 5th least expensive market in the nation. Unfortunately the cost in Coffee County is up by 6 cents.
The downward trend in Tennessee pump prices came to an end last week. The state gas price average increased slightly at the end of last week, likely due to the uncertainty surrounding the threat of Hurricane Ian, but then drifted lower over the weekend. Today’s gas price average is only a penny more expensive than last Monday’s average. The Tennessee Gas Price average is now $3.18 which is nearly 21 cents less expensive than one month ago and nearly 29 more than one year ago.
Last week the average cost for a gallon of gasoline in Coffee County was $3.09, this week it is $3.15.
“Even though the downward trend for Tennessee pump prices came to an end last week, we still only saw minimal fluctuation in our state gas price average,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “We’re still seeing lingering market concerns and volatility surrounding a possible recession as well as a tightening of supplies. Fluctuation in pump prices is likely in the short term, however, at this point, it’s not likely we will see any huge surges in pump prices if market conditions hold steady.”
- 79% of Tennessee gas stations have prices below $3.25
- The lowest 10% of pump prices are $2.96 for regular unleaded
- The highest 10% of pump prices are $3.52 for regular unleaded
- Tennessee is the 5th least expensive market in the nation
National Gas Prices
The national average pump price for a gallon of gas maintained its recent surge, rising seven cents over the past week to hit $3.79. Tight supply and increased demand as more drivers fuel up are the main culprits.
According to data from the Energy Information Administration (EIA), gas demand increased nationally from 8.32 million b/d to 8.83 million b/d last week. Total domestic gasoline stocks decreased by 2.4 million bbl to 212.2 million bbl. If demand remains robust as supply tightens, drivers should brace for rising pump prices through the weekend.
Today’s national average of $3.79 is the same as a month ago but 60 cents more than a year ago.