For the fourth week in a row, the average Tennessee gas price rose. Since last Monday, gasoline prices in Tennessee have risen an average of six cents. Tennessee’s average gas price is now $3.10, 11 cents higher than a month ago and 87 cents higher than a year ago.
“Tensions along the Ukrainian border have helped push crude oil prices up almost daily,” said Stephanie Milani, Tennessee public affairs director, AAA – The Auto Club Group. “If oil prices continue to climb towards $90 a barrel, prices at the pump will likely follow.”
28% of gas stations in Tennessee have prices below $3.00
The lowest 10% pump price is $2.91 for regular unleaded.
The top 10% pump price is $3.42 for regular unleaded.
National gas prices
Uncertainty about Russia’s intentions towards Ukraine is contributing to higher crude oil prices, which are nearing $90 a barrel. Russia is a member of OPEC+, and any sanctions based on its actions towards Ukraine could cause it to withhold crude oil from the global market. Rising oil prices will lead to higher prices at the pump for drivers. The national average for a gallon of gasoline rose to $3.36, three cents more than a week ago.
According to new data from the Energy Information Administration (EIA), total national crude inventories increased by 2.4 million barrels to 416.2 million barrels. The current crude inventory level is approximately 13% lower than in mid-January 2021, contributing to pressure on domestic crude prices. Continued growth in crude oil prices has helped keep pump prices high. If oil prices continue to climb toward $90 a barrel, prices at the pump will likely follow.
The current national average of $3.36 is eight cents higher than a month ago and 94 cents higher than a year ago.
National oil market dynamics
At the close of Friday’s official trading session, WTI was up 21 cents to settle at $86.82. The cost of crude oil rose last week despite the EIA’s report that total domestic crude inventories rose by 500,000 barrels to 413.8 million barrels. The current level of crude inventories is around 15% lower than in mid-January 2021, contributing to pressure on domestic crude prices. For this week, crude prices could continue to climb if the next weekly report from the EIA shows a decrease in total inventory.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also plot a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.
Tennessee Regional Awards
Most Expensive Metro Markets – Memphis ($3.18), Nashville ($3.15), Jackson ($3.12)
Cheapest Metro Markets – Kingsport-Bristol ($3.04), Johnson City ($3.05), Knoxville ($3.05)