Tennessee gas prices rose two cents, on average, over last week. The Tennessee Gas Price average is now $2.70 which is nine cents less expensive than one month ago and 39 cents less than one year ago.
"Our gas prices continue to fluctuate across the state as many Tennesseans are heading into spring break this week," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "For those that are planning a road trip, the good news is that quite a few states now have state gas price averages below $3/gallon. We're also seeing gas prices cheaper than one year ago - 39 cents cheaper both at the state and national level."
National Gas Prices
Despite increased demand, gas prices dipped lower this week, with today’s national average at $3.07 per gallon, about a penny lower than a week ago. This drop at the pump comes as many travelers gear up to hit the road for spring break and drivers may be surprised to find gas under $3 in 29 states.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.87 million b/d last week to 9.18. Total domestic gasoline supply decreased from 246.8 million barrels to 241.1, leaving them slightly below seasonal averages. Gasoline production also decreased last week, averaging 9.6 million barrels per day.
Today’s national average for a gallon of gas is $3.07, about 9 cents lower than a month ago and 39 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased $1.43 to settle at $67.68 a barrel. The EIA reports that crude oil inventories decreased by 1.4 million barrels from the previous week. At 435.2 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets - Jackson ($2.76), Memphis ($2.75), Johnson City ($2.74)
- Least expensive metro markets - Chattanooga ($2.60), Morristown ($2.63), Clarksville ($2.63)
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