Cost of crude oil is pushing pump prices higher
NASHVILLE, Tenn., (Jan 17, 2022) — Tennessee’s gas price average rose a penny from last week. The Tennessee Gas Price average is now $3.03 which is two cents more than a month ago and 84 cents more than one year ago.
“Gasoline prices continue to edge upward, driven primarily by the price surge in crude oil, which closed over $84 a barrel last week,” said Stephanie Milani, Tennessee Public Affairs Director, AAA-The Auto Club Group. “As crude prices continue to climb, pump prices in Tennessee will likely follow suit.”
National Average Increases as Crude Prices Climb
The national average for a gallon of regular gasoline is one cent higher than last week at $3.31 today. According to data from the Energy Information Administration (EIA), total domestic gasoline stocks rose by 7.9 million barrels to 240.7 million barrels last week. On the other hand, gasoline demand decreased from 8.17 million barrels a day to 7.91 million barrels a day. Winter weather and the COVID-19 omicron variant are the likely culprits behind this demand dip. Typically, pump prices decline due to lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices.
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
|
|
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$3.028 |
$3.028 |
$3.023 |
$3.015 |
$2.188 |
|
Chattanooga |
$2.963 |
$2.975 |
$2.991 |
$2.967 |
$2.137 |
|
Knoxville |
$3.023 |
$3.022 |
$3.027 |
$3.027 |
$2.216 |
|
Memphis |
$3.115 |
$3.108 |
$3.092 |
$3.076 |
$2.182 |
|
Nashville |
$3.058 |
$3.058 |
$3.063 |
$3.026 |
$2.201 |
|
Click here to view current gasoline price averages |
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