Tennessee gas prices climb another 24 cents

Nashville, TN – Gas prices rose 24 cents, on average, across the state last week. Tennessee gas prices hit a new record average price of $4.13 a gallon on Friday.

Tennessee’s average gas price is now $4.11, 85 cents higher than a month ago and $1.44 higher than a year ago.

“After hitting record high prices in Tennessee on Friday, average gasoline prices in the state held steady over the weekend,” said Megan Cooper, spokesperson, AAA – The Auto Club Group . “However, it is too early to say whether this trend will continue, as fuel prices remain extremely volatile. Any further disruption or escalation of the current crisis in Ukraine, or any significant jump in crude oil prices could cause pump prices to spike. »

Fast facts

• 24% of gas stations in Tennessee have prices below $4.00
• The lowest 10% pump price is $3.93 for regular unleaded.
• The top 10% pump price is $4.32 for regular unleaded.
• Tennessee surpassed its previous highest average price recorded for gasoline on March 11 with a state average of $4.13

National gas prices

After peaking above $123 a barrel shortly after the Russian invasion of Ukraine, the price of crude oil gradually fell below $110. If this trend continues, it could remove some of the extreme upward pressure on prices that consumers have seen at the pumps, but not all. The national average price for a gallon of gasoline hit $4.33 on Friday, March 11, before dropping a penny and holding steady through the weekend and Monday at $4.32.

According to new data from the Energy Information Administration (EIA), total national gasoline inventories fell by 1.4 million barrels to 244.6 million barrels last week. At the same time, gasoline demand increased slightly, from 8.74 million bpd to 8.96 million bpd. Rising gas demand and a reduction in total supply are contributing to higher prices at the pump. But rising oil prices play the major role in driving up gasoline prices. Consumers can expect the current pump trend to continue as long as crude prices rise.

Today’s national average for a gallon of gasoline is $4.32, up 26 cents from a week ago, 84 cents up from a month ago and $1.47 more than a year ago.

National oil market dynamics

At the close of Friday’s official trading session, WTI was up $3.31 to settle at $109.33. Crude prices surged and then fell last week in response to President Biden’s announcement of a ban on Russian energy imports, including crude oil. Crude prices have fallen as the market continues to find replacement oil barrels and further supply growth for the tight market is becoming apparent.

However, the market remains volatile and further disruptions or the worsening of the current crisis in Ukraine could cause prices to spike again this week. Additionally, the EIA reported that total domestic crude inventories fell by 1.8 million barrels last week to 411.6 million barrels. Current inventory levels are around 17% lower than at the end of February 2021, contributing to pressure on domestic crude prices.

Drivers 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

• Very expensive Metropolitan Markets – Knoxville ($4.16), Morristown ($4.16), Nashville ($4.14)
• The cheapest metropolitan markets – Chattanooga ($4.08), Memphis ($4.08), Jackson ($4.09)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

	Monday	Sunday	A week ago	A month ago	One year ago
Tennessee	$4.113	$4.116	$3,870	$3.263	$2.672
Chattanooga	$4.084	$4.094	$3.815	$3.272	$2.626
Knoxville	$4.164	$4.162	$3,900	$3.203	$2.667
Memphis	$4.084	$4.086	$3.839	$3.306	$2.704
Nashville	$4.138	$4.140	$3.889	$3.326	$2.696
Click here to see current gasoline price averages

About AAA – The Auto Club Group

Groupe Auto Club (ACG) is the second largest AAA club in North America with over 13 million members in 14 US states, the province of Quebec and two US territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel deals and more.

ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve road safety.

For more information, download the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter, and LinkedIn.