Gas prices risking across Tennessee
Published 11:36 am Wednesday, January 25, 2023
Gas prices across the state continued to rise over last week, climbing nearly 18 cents, on average. The Tennessee Gas Price average is now $3.15 which is 42 cents more expensive than one month ago and nearly 11 cents more than one year ago.
“Our local gas prices are continuing to be volatile thanks to strong gains in crude oil pricing,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “We’re seeing higher crude oil prices based on the belief that fuel demand will ramp-up as China reopens its economy. Since China is the largest oil importer in the world, and oil is a globally traded commodity, global fluctuations in supply and demand can have an effect on the prices we see at the local gas pump. It’s very likely that the volatility in our pump prices will continue again this week, and where prices go from here will be contingent on what happens in the oil market this week.”
• 15% of Tennessee gas stations have prices below $3.00
• The lowest 10% of pump prices are $2.96 for regular unleaded
• The highest 10% of pump prices are $3.40 for regular unleaded
• Tennessee is the 8th least expensive market in the nation
National Gas Prices
Drivers appear to be taking advantage of the recent milder weather in much of the nation by fueling up and hitting the road. The increase in gasoline demand and slightly more expensive oil pushed the national average for a gallon of gas higher by 12 cents since last week to $3.42.
According to data from the Energy Information Administration, gas demand rose from 7.56 million to 8.05 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.5 million bbl to 230.3 million bbl. If demand remains robust, drivers will likely see pump prices rise through the week.
Today’s national average of $3.42 is 33 cents more than a month ago and ten cents more than a year ago.