Gas prices across the state moved six cents higher, on average, over last week and could move more expensive due to a rise in crude oil prices over the weekend.The Tennessee Gas Price average is now $2.61 which is 10 cents more expensive than one month ago but 15 cents less than one year ago.
Oil prices are rising largely due to growing instability in a region that is essential to global energy markets. Although the U.S. does not import oil from Iran, the country remains a major producer, supplying nations such as China and India. Any potential disruption to Iranian oil infrastructure can influence global supply expectations.
Additionally, the Strait of Hormuz, a critical chokepoint connecting the Persian Gulf to open waters, remains one of the world’s most important shipping lanes for crude. Even the possibility of reduced traffic through the strait can create ripple effects well beyond the Middle East, affecting countries regardless of how much oil they source from the region. Because oil is traded globally, a shortfall in one region can affect prices worldwide.
“AAA does not predict gas prices, and it’s still too early to know how much of an impact rising crude oil prices will have on pump prices here in Tennessee,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Rising crude oil prices typically lead to higher gas prices, so we’ll be keeping a close eye on the market in the coming days.”
National Gas Prices
Spring weather may be weeks away in much of the country, but the seasonal rise in gas prices is underway. The national average for a gallon of regular gasoline went up by six cents this past week to $2.99. Refineries are beginning the process of producing summer-blend gasoline which contains pricier additives to help reduce evaporation during warmer months. Gas demand is also expected to increase next month as spring break season kicks off and more drivers take road trips. More recently, the global tensions tied to the conflict with Iran are adding increasing upward pressure on crude oil prices.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased last week from 8.74 million b/d to
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 21 cents to settle at $65.42 a barrel. The EIA reports crude oil inventories increased by 16 million barrels from the previous week. At 435.8 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($2.67), Jackson ($2.64), Memphis ($2.62)
- Least expensive metro markets – Morristown ($2.50), Clarksville ($2.50), Chattanooga ($2.56)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
| Monday | Sunday | Week Ago | Month Ago | One Year Ago | |
| Tennessee | $2.610 | $2.571 | $2.552 | $2.513 | $2.763 |
| Chattanooga | $2.565 | $2.486 | $2.517 | $2.472 | $2.680 |
| Knoxville | $2.599 | $2.596 | $2.469 | $2.408 | $2.755 |
| Memphis | $2.625 | $2.603 | $2.566 | $2.526 | $2.783 |
| Nashville | $2.670 | $2.584 | $2.625 | $2.594 | $2.797 |
| Click here to view current gasoline price averages | |||||
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.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 65 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on social media.
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