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TN gas prices jump 5 cents in past week

The Tennessee gas price average continues to rise, increasing five cents over last week. The Tennessee Gas Price average is now $2.28 which is 10 cents more than one month ago and nearly eight cents more than one year ago.
The average price in Coffee County is a penny over the state average at $2.29. The national average is $2.51.

“Pump prices continue to be pushed higher due to a sustained increase in crude oil pricing,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “Tennesseans will likely see more increases at the pump in the coming weeks as refineries prepare to switch to summer blend gasoline, which typically costs more to produce.”

Quick Facts

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· 36% of Tennessee gas stations have prices below $2.25
· The lowest 10% of pump prices are $2.11 for regular unleaded
· The highest 10% of pump prices are $2.55 for regular unleaded
· Tennessee moved to the 9th least expensive market in the nation

National Gas Prices

Since last week, the national average for a gallon of regular gasoline has increased by four cents to $2.51, which is five cents more than a week ago, nearly 13 cents more than a month ago, and nearly seven cents more than a year ago. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week from 7.78 million b/d to 7.86 million b/d, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand numbers and EIA’s latest report showing that total domestic gas stocks grew by 4.3 million bbl to 256.4 million bbl. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.

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