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Tennessee gas prices skyrocket 15 cents

Tennessee gas prices continue to increase across the state, jumping 15 cents, on average, since last Monday. The Tennessee Gas Price average  is now $3.44 which is 35 cents more expensive than one month ago and 94 cents than one year ago.  

The average in Coffee County is $3.48, which is 4 cents higher than the state average and just 13 cents below the national average.

“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Like the U.S. stock market, the oil market responds poorly to volatility. This serves as a reminder that events on the far side of the globe can have a ripple effect for American consumers.” 

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Quick Facts

· 85% of Tennessee gas stations have prices below $3.50
· The lowest 10% of pump prices are $3.19 for regular unleaded 
· The highest 10% of pump prices are $3.69 for regular unleaded
·Tennessee ranks 7th in the nation’s top 10 largest weekly increases

The most expensive gasoline in the country can be found at $4.82 per gallon in California.

National Gas Prices

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Russia’s violent invasion of Ukraine has roiled the oil market, with crude spiking briefly to over $100/bbl before settling back into the mid-$90s. The increase in the global price of oil has led to higher pump prices in the U.S. The national average for a gallon of gas has risen to $3.61, eight cents more than a week ago.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 600,000 bbl to 246.5 million bbl last week. Meanwhile, gasoline demand rose slightly from 8.57 million b/d to 8.66 million b/d. The increase in gas demand and a reduction in total supply contribute to rising pump prices. But increasing oil prices play the lead role in pushing gas prices higher. Pump prices will likely continue to rise as crude prices continue to climb.

Today’s national average for a gallon of gas is $3.61, which is 26 cents more than a month ago and 90 cents more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $1.22 cents to settle at $91.59. Although crude prices saw some fluctuations on Friday, they surged after Russia launched its military invasion of Ukraine earlier in the week. As the conflict continues, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies this week. Additionally, EIA reported that total domestic crude stocks increased by 4.5 million bbl to 416 million bbl. The current stock level is approximately 10 percent lower than mid-February 2021, contributing to pressure on domestic crude prices.

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