For the first time since October 2014, the Tennessee gas price average rose above $3.00 per gallon, according to AAA.
Compared to last week, Tennessee gas prices jumped nearly 12 cents to the most expensive gas price average so far this year.
The Tennessee gas price average is now $3.01, which is nearly 12 cents more than one month ago and $1.07 more than one year ago.
“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump,” said Megan Cooper, spokeswoman, AAA — The Auto Club Group. “And last week’s decision by OPEC and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.”
Across the state, Knoxville had the highest average price per gallon at $3.06, followed by Nashville ($3.02), Memphis ($3.01) and Chattanooga ($2.96).
The survey found 67% of Tennessee gas stations had prices below $3.00. The lowest 10% of pump prices are $2.85 for regular unleaded. The highest 10% of pump prices on average were $3.24 per gallon for regular unleaded.
Tennessee is the ninth-least expensive market in the nation.
The national average price for a gallon of gas rose 8 cents on the week to reach $3.27. This is the highest price since October 2014 and is primarily due to the surging price of crude oil, which crept above $80 per barrel before edging slightly lower.
Meanwhile, a breach and spill in a key pipeline supplying fuel to parts of the southeastern U.S. led to tightened regional supplies.
Kinder Morgan Inc. said it expected repairs to its southeastern products pipeline to be completed October 9, with a restart afterward.
The repairs were slowed by the recent heavy rain and flooding around Birmingham, Alabama.
The spill took place on October 1. The pipeline serves various metropolitan areas, including Birmingham, Alabama; Atlanta, Georgia; Charlotte, North Carolina; and Washington, D.C.