Average price of state gas increases for the 4th consecutive week | Local news

For the fourth week in a row, the average price of gasoline in Tennessee has increased, according to AAA – The Auto Club Group.

Since Monday, January 24, gasoline prices in Tennessee have increased 6 cents on average. The average price of gasoline in Tennessee is now $3.10, 11 cents higher than a month ago and 87 cents higher than a year ago.

“Tensions along the border with Ukraine have helped push up crude prices on an almost daily basis,” said Stephanie Milani, director of Tennessee public affairs for AAA – The Auto Club Group. “If oil prices continue to rise towards $90 a barrel, pump prices are likely to follow suit.”

Fast facts

• 28% of Tennessee gas stations have prices under $3

• The lowest 10% of pump prices are $2.91 for regular unleaded gasoline.

• The top 10% of pump prices are $3.42 for regular unleaded gasoline.

National Gas Prices

Uncertainty about Russia’s intentions towards Ukraine is contributing to rising crude prices, according to AAA, which are approaching $90 a barrel. Russia is a member of OPEC+, and any sanctions based on its actions towards Ukraine may see it withhold crude oil from the global market. Higher oil prices will lead to higher pump prices for drivers. The national average for a gallon of gas has risen to $3.36, up 3 cents from a week ago.

According to new data from the Energy Information Administration (EIA), total domestic crude oil inventories increased by 2.4 million bbl to 416.2 million bbl. The current level of crude oil inventories is approximately 13% lower than in mid-January 2021, adding to the pressure on domestic crude prices. Continued growth in crude oil prices has helped keep pump prices high. If oil prices continue to rise towards $90 a barrel, pump prices are likely to follow suit.

Monday’s national average of $3.36 is 8 cents higher than a month ago and 94 cents higher than a year ago.

Dynamics of the National Oil Market

At the close of the formal trading session on Friday, WTI rose 21 cents to settle at $86.82, according to AAA. The cost of crude oil rose last week despite the EIA reporting that total domestic crude stocks rose by 500,000 bbl to 413.8 million bbl. The current level of crude oil inventories is approximately 15% lower than in mid-January 2021, adding to the pressure on domestic crude prices. For this week, crude oil prices could continue to rise 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 www.AAA.com/mobile.

Tennessee Regional Pricing

• Most expensive metro markets: Memphis ($3.18), Nashville ($3.15), Jackson ($3.12)

• Least expensive metro markets: Kingsport-Bristol ($3.04), Johnson City ($3.05), Knoxville ($3.05)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

Monday

Sunday

A week ago

One month ago

A year ago

Tennessee

$3,101

$3,099

$3,042

$2,991

$2,234

Chattanooga

$3,070

$3,070

$2,973

$2,969

$2,143

knoxville

$3,051

$3,051

$3,054

$2,998

$2,249

memphis

$3,180

$3,174

$3,141

$3,082

$2,221

Nashville

$3,149

$3,148

$3,054

$3,005

$2,270

Click here to view current average gas prices

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