Tennessee gas prices continue to increase across the state, jumping 15 cents, on average in the past week according to AAA. The Tennessee gas price average is now $3.44, which is 35 cents more expensive than one month ago and 94 cents than one year ago.
“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” said Megan Cooper, spokeswoman, AAA — The Auto Club Group. “Like the U.S. stock market, the oil market responds poorly to volatility. This serves as a reminder that events on the far side of the globe can have a ripple effect for American consumers.”
Russia’s invasion of Ukraine has roiled the oil market, with crude spiking briefly to over $100/bbl before settling back into the mid-$90s. The increase in the global price of oil has led to higher pump prices in the U.S. The national average for a gallon of gas has risen to $3.61, eight cents more than a week ago.
According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 600,000 bbl to 246.5 million bbl last week. Meanwhile, gasoline demand rose slightly from 8.57 million b/d to 8.66 million b/d. The increase in gas demand and a reduction in total supply contribute to rising pump prices. But increasing oil prices play the lead role in pushing gas prices higher. Pump prices will likely continue to rise as crude prices continue to climb.
The current national average for a gallon of gas is $3.61, which is 26 cents more than a month ago and 90 cents more than a year ago.
The most expensive metro markets in Tennessee are Nashville ($3.53), Clarksville ($3.50) and Cleveland ($3.49).
The least expensive metro markets in Tennessee are in Kingsport ($3.37), Jackson ($3.40) and Memphis ($3.40).
One year ago, the average price for a gallon of regular unleaded gas in Nashville was $2.53.