Gas prices across the state reversed course and moved more expensive over last week. Tennessee gas prices rose 13 cents, on average. The Tennessee Gas Price average is now $3.49 which is 14 cents less expensive than one month ago but 69 cents more expensive than one year ago.
"Crude oil prices are facing renewed upward pressure after tensions between the U.S. and Iran escalated recently," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Given the shift in crude oil prices, it's likely we'll continue to see gas price fluctuations across the state again this week."
National Gas Prices
Gas prices are going up again, as the future of the ceasefire between the U.S. and Iran remains uncertain. The national average for a gallon of regular gasoline went up 8 cents last week to $3.87 after steadily dropping since late May. Crude oil prices are currently in the $70 per barrel range but could rise if volatility lingers along the Strait of Hormuz. Prices are still lower than they were in the spring when the national average peaked at $4.56 on May 21.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 9.13 million b/d to 8.84 million. Total domestic gasoline supply decreased from 214 million barrels to 212.1 million. Gasoline production decreased last week, averaging 9.7 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $3.08 to settle at $73.52 a barrel. The EIA reports that crude oil inventories increased by 3 million barrels from the previous week. At 411.4 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets - Nashville ($3.55), Jackson ($3.53), Cleveland ($3.51)
- Least expensive metro markets - Clarksville ($3.39), Morristown ($3.43), Knoxville ($3.44)
No comments:
Post a Comment