AAA reports Tennessee gas prices soar 15 cents

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Nashville, TN – Tennessee gas prices continue to rise statewide, jumping 15 cents on average since last Monday. the Tennessee Average Gas Price is now $3.44, up 35 cents from a month ago and 94 cents from a year ago.

“The invasion of Russia and the growing series of financial sanctions imposed by the United States and its allies have caused nervousness in the global oil market,” said Megan Cooper, spokesperson, AAA – The Auto Club Group .

“Like the US stock market, the oil market reacts poorly to volatility. It reminds us that events on the other side of the globe can have a ripple effect on American consumers,” Cooper said.

Fast facts

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

National gas prices

Russia’s violent invasion of Ukraine rocked the oil market, with crude briefly rising above $100 a barrel before falling back in the mid-1990s. prices at the pump in the United States. The national average for a gallon of gasoline rose to $3.61, eight cents more than a week ago.

Total national gasoline inventories fell by 600,000 barrels to 246.5 million barrels last week, according to new data from the Energy Information Administration (EIA). At the same time, gasoline demand increased slightly, from 8.57 million bpd to 8.66 million bpd. Rising gas demand and a reduction in total supply are contributing to higher prices at the pump. But the increase in oil prices plays the main role in the rise in gasoline prices. 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, 26 cents higher than a month ago and 90 cents higher than a year ago.

National oil market dynamics

At the close of Friday’s official trading session, WTI was down $1.22 to settle at $91.59. Although crude prices saw some fluctuation on Friday, they jumped after Russia launched its military invasion of Ukraine earlier in the week.

As the conflict continues, oil markets will likely react by continuing to raise the price of crude oil to reflect a greater risk of disruption to global oil supplies this week. Additionally, the EIA reported that total domestic crude inventories increased by 4.5 million barrels to 416 million barrels.

Current inventory levels are around 10% lower than mid-February 2021, contributing to pressure on domestic crude prices.

Ways to save on gas

  • Combine races to limit driving time.
  • Compare the prices for the best gas prices in your community.
  • Remember to pay cash. Some retailers charge extra per gallon for customers paying with a credit card.
  • Remove excess weight in your vehicle.
  • Drive safely. Aggressive acceleration and speeding reduce fuel economy.
  • Sign up for savings programs. AAA members who enroll in Shell’s Fuel Rewards program can save 5 cents per gallon when fueling up at Shell. Click here for more information.

Tennessee Regional Awards

  • Very expensive metropolitan markets – Nashville ($3.53), Clarksville ($3.50), Cleveland ($3.49)
  • The cheapest metropolitan markets – Kingsport ($3.37), Jackson ($3.40), Memphis ($3.40)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

A week ago

A month ago

One year ago

Tennessee

$3.444

$3.436

$3.293

$3.087

$2.503

Chattanooga

$3.448

$3.446

$3.316

$3.059

$2.441

Knoxville

$3.443

$3,430

$3.280

$3.045

$2,470

Memphis

$3.402

$3.403

$3.335

$3.165

$2.576

Nashville

$3,525

$3.518

$3.328

$3.135

$2.529

Click here to see current gasoline price averages

About AAA – The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with over 13 million members in 14 US states, the province of Quebec and two US territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offers, and more.

ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve road safety.

For more information, get the AAA mobile appto visit AAA.comand follow us on Facebook, Twitter and LinkedIn.



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