Tennessee gas prices rise an additional 31 cents
PRESS RELEASE FROM GASBUDDY:
NASHVILLE, Tenn. — Tennessee gas prices rose an additional 31 cents, on average, over last week. The Tennessee Gas Price average is now $3.34 which is 82 cents more expensive than one month ago and 63 cents more than one year ago.
“Continued uncertainty and volatility in the crude oil market are putting upward pressure on our local gas prices,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “If crude oil prices remain elevated again this week, it’s likely drivers are in for more increases at the pump. How high prices will rise will ultimately depend on how long the conflict with Iran continues and whether there are further effects on global fuel supplies.”
National Gas Prices
Spring Break season is here as the national average for a gallon of regular gasoline jumped nearly 25 cents since last week. Current prices are similar to the spring of 2024. Gasoline demand increases this time of year as the weather warms up and more drivers hit the road. Crude oil prices play a major role in what drivers pay at the pump, and prices have surpassed the $100/barrel mark multiple times in recent days. To help offset rising prices, the U.S. announced it will release 172 million barrels of oil from its strategic reserves over four months. The move is part of a broader effort by the International Energy Agency to release a total of 400 million barrels of oil, the largest emergency release in its history.
According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.29 million b/d to 9.24 million. Total domestic gasoline supply decreased from 253.1 million barrels to 249.5 million. Gasoline production increased last week, averaging 9.9 million barrels per day.
Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $3.80 to settle at $87.25 a barrel. The EIA reports crude oil inventories increased by 3.8 million barrels from the previous week. At 443.1 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($3.44), Jackson ($3.42), Nashville ($3.34)
- Least expensive metro markets – Clarksville ($3.24), Morristown ($3.28), Knoxville ($3.29)
Neighboring areas and their current gas prices:
- Chattanooga – $3.299/g, up 0.23 cents per gallon from last week’s $3.072/g.
- Nashville – $3.344/g, up 0.21 cents per gallon from last week’s $3.103/g.
- Memphis – $3.442/g, up 0.40 cents per gallon from last week’s $3.038/g.
Ways to get the most out of every tank
- Avoid rapid starts and hard braking to improve fuel efficiency.
- Maintain steady speeds and use cruise control when appropriate.
- Lighten your load by removing unnecessary cargo and roof racks.
- Check tire pressure monthly and keep tires inflated to the recommended level.
- Keep up with maintenance, including oil changes and air filter replacement.
- Combine errands to limit cold starts and unnecessary trips.
Ways to save at the pump
- Shop around. Download the AAA mobile app to compare prices near you and find lower-cost stations in your area.
- Determine fuel costs for your trip by using the AAA’s Gas Cost Calculator.
- Join savings programs. Drivers who enroll in the AAA Fuel Rewards program can save money on every fill up where applicable.
- Pay with cash or the lower-cost method if the station offers different prices by payment type.
- Use loyalty programs and coupons offered by grocery chains and retailers.
- Choose regular grade when your owner’s manual recommends it rather than premium.
- Plan routes to avoid heavy traffic where stop-and-go conditions waste fuel.
- Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
For more local news, click here.
