The rollercoaster ride at the pump continues as the Tennessee state gas price average rose above $4.00 per gallon on Friday. Gas prices jumped, on average, 18 cents over the course of last week. The Tennessee Gas Price average is now $4.08 which is nearly 18 cents more expensive than one month ago and $1.37 more than one year ago.
The average price in Coffee County comes in at $4.01 per gallon, which is 7 cents below the state average and 31 cents below the national average of $4.32.
“A tight global oil supply combined with expectations of high summer gasoline demand and rising crude oil prices are pushing prices at the pump more expensive this week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Right now, the state gas price average is only four cents below the previous record set earlier this year in March. It’s unclear if we will surpass that record this week, but if market conditions persist, it’s likely we could set a new gas price record here in Tennessee.”
· 50% of Tennessee gas stations have prices above $4.00
· The lowest 10% of pump prices are $3.87 for regular unleaded
· The highest 10% of pump prices are $4.42 for regular unleaded
· Every metro area in TN saw a double digit increase in its metro average over last week
National Gas Prices
Drivers are paying more at the pump—a lot more—as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.
Meanwhile, today’s national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $1.51 to settle at $109.77. Crude prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million bbl to 415.7 million bbl, which is approximately 14 percent lower than the storage level at the end of April 2021. Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at
Tennessee Regional Prices
· Most expensive metro markets – Johnson City ($4.14), Morristown (4.12), Knoxville ($4.12)
· Least expensive metro markets – Chattanooga ($3.99), Clarksville ($4.02), Cleveland ($4.03)
Ways to Save on Gasoline
· Combine errands to limit driving time.
· Shop around for the best gas prices in your community.
· Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
· Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
· Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.