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NASHVILLE — Tennessee gas prices held steady over the past week, with the state average remaining at $3.11. This marks no change from last week but reflects an increase of 11 cents from one month ago, while being six cents lower than the same time last year.

“Summer typically brings a robust driving season, but that has not been the case recently,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “The recent extreme temperatures could be partly to blame for drivers staying off the road. If low gasoline demand and wobbly oil costs continue, we could see our gas prices hold steady again this week, and maybe even drop slightly lower.”

National Gas Prices

Nationally, the average price for a gallon of gas fell by two cents to $3.50 over the past week. This decrease is likely due to significantly lower demand for gasoline, as high summer temperatures may be deterring people from driving.

According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.39 million barrels per day (b/d) to 8.78 million b/d last week. Meanwhile, total domestic gasoline stocks fell from 231.7 million barrels to 229.7 million barrels. Gasoline production also declined, likely due to Hurricane Beryl, dropping from an average of 10.3 million barrels daily to 9.5 million barrels. The combination of low gasoline demand and fluctuating oil costs may lead to gradually decreasing pump prices.

On July 22 the national average is $3.50, which is five cents higher than a month ago but nine cents lower than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, West Texas Intermediate (WTI) crude oil rose by $2.09 to settle at $82.85 a barrel. The EIA reports that crude oil inventories decreased by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices

• Most expensive metro markets: Nashville ($3.19), Jackson ($3.17), Cleveland ($3.14)
• Least expensive metro markets: Knoxville ($3.04), Morristown ($3.04), Chattanooga ($3.07)