Gas prices rise 18 cents in Tennessee in past week

Gas Prices
Gas Prices(25News)
Published: Jan. 23, 2023 at 11:41 AM CST
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NASHVILLE, Tenn. (WSMV) - Gas prices across the state continued to rise over the last week, climbing nearly 18 cents on average, according to data from AAA – The Auto Club Group.

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,” Megan Cooper, spokesperson, AAA – The Auto Club Group, said in a news release. “We’re seeing higher crude oil prices based on the believe 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 preces 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.”

According to AAA, 15% of Tennessee gas stations have prices below $3.00 per gallon. The lowest 10% of pump prices are $2.96 for regular unleaded while the highest 10% of pump prices are $3.40 for regular unleaded. Tennessee is the eighth least expensive market in the nation.

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. Monday’s national average of $3.42 is 33 cents more than a month ago and 10 cents more than a year ago.

Data shows Nashville ($3.18), Cleveland ($3.19) and Johnson City ($3.19) are the most expensive metro markets in the state. The least expensive metro markets include Knoxville ($3.08), Morristown ($3.08) and Chattanooga ($3.13).