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AAA reports Tennessee Gas Price Average goes up Nine Cents
“Gas prices are rising as supply tightens and crude oil gets more expensive. Decreasing demand is outweighed by these other factors at the moment,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Last week crude oil pushed to the highest price since before the pandemic. If crude prices remain high, Americans can expect to pay more at the pump this month.” Quick Facts
National Gas PricesAt $2.31, the national gas price average is at its highest in 10 months. Pump prices have increased despite gas demand falling from 8.1 million b/d to 7.4 million b/d — the lowest level recorded since the end of May 2020, according to the Energy Information Administration’s (EIA) latest weekly report. Today’s average is six cents more than last week, 16 cents more than a month ago, but still cheaper than last year by 27 cents. By EIA measurements, the U.S. gasoline supply sits at 241 million bbl. While this is the healthiest measurement since August 2020, it is 10 million bbl less than the start of 2020 (251 million bbl) when COVID-19 Coronavirus concerns were minimal. This year-over-year deficit, combined with lower refinery production rates and ongoing refinery maintenance, is pushing crude and gas prices more expensive. National Oil Market DynamicsAt the close of Friday’s formal trading session, WTI increased by $1.41 cents to settle at $52.84. Crude prices increased last week after Saudi Arabia announced that it would cut its crude production by 1 million b/d in February and March. Additionally, increasing crude prices were supported by EIA’s weekly report revealing that total domestic crude inventories decreased by 8 million bbl to 485.5 million bbl last week. If total domestic crude supply drops again this week, crude prices could continue to increase and push pump prices higher.
Tennessee Regional Prices
Tennessee Gas Price Averages(Price per gallon of regular unleaded gasoline)
About AAA – The Auto Club GroupThe Auto Club Group (ACG) is the second-largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec, 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 60 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 Facebook, Twitter, and LinkedIn. SectionsNewsTopicsAAA, Chattanooga TN, Cornavirus, COVID-19, Crude Oil, EIA, Energy Information Administration, Gas Prices, Jackson TN, Johnson City TN, Kingsport TN, Morristown TN, Nashville, Nashville TN, Oil Prices, Tennessee, Tennessee Gas Prices, WTI |
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