Tennessee moved to the 9th least expensive market in the nation
NASHVILLE, Tenn., (February 15, 2021) — The Tennessee gas price average continues to rise, increasing five cents over last week. The Tennessee Gas Price average is now $2.28 which is 10 cents more than one month ago and nearly eight cents more than one year ago.
“Pump prices continue to be pushed higher due to a sustained increase in crude oil pricing,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “Tennesseans will likely see more increases at the pump in the coming weeks as refineries prepare to switch to summer blend gasoline, which typically costs more to produce.”
National Gas Prices
Since last week, the national average for a gallon of regular gasoline has increased by four cents to $2.51, which is five cents more than a week ago, nearly 13 cents more than a month ago, and nearly seven cents more than a year ago. Increasing pump prices have been supported by higher crude oil prices and gas demand, which grew slightly last week from 7.78 million b/d to 7.86 million b/d, according to new data from the Energy Information Administration (EIA). Pump prices continue to rise despite the overall sustained lower demand numbers and EIA’s latest report showing that total domestic gas stocks grew by 4.3 million bbl to 256.4 million bbl. Based on current trends, drivers will likely see pump prices continue to increase ahead of spring.
National Oil Market Dynamics
At the close of Thursday’s formal trading session, WTI decreased by 44 cents to settle at $58.24. Although market concern regarding crude demand pushed prices lower Thursday, crude prices increased last week, reaching the highest daily settlement price since January 2020 on Wednesday at $58.68. The price increase occurred after EIA’s weekly report revealed that total domestic crude inventories decreased by 6.6 million bbl to 469 million bbl, while total refinery crude utilization increased slightly from 82.3% to 83% last week. Crude and pump prices are likely to continue to move higher as crude inventories continue to drop and utilization increases.
Tennessee Regional Prices
Tennessee Gas Price Averages
(Price per 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 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.