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NASHVILLE — Tennessee gas prices experienced a six-cent rise early last week but began to decline midweek, ending the weekend just one cent higher than the previous week. The current state average stands at $3.02 per gallon, which is 11 cents less than a month ago and 46 cents less than this time last year.

“Volatility in crude oil prices is likely the cause of the fluctuating pump prices that we’re seeing in Tennessee,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Additional fluctuation in pump prices cannot be ruled out this week, but the good news is that Tennessee has the fourth least expensive state gas price average in the country, and six of our metro areas still have averages below $3 per gallon.”

National Gas Prices

The national average for a gallon of gas fell by three cents to $3.41, continuing its downward trend. According to the Energy Information Administration (EIA), gas demand edged slightly higher last week, moving from 8.96 million barrels per day (b/d) to 9.04 million b/d, while total domestic gasoline stocks fell from 225.1 million barrels to 222.2 million barrels. Despite a slight decrease in gasoline production, stable oil costs and tepid demand may cause pump prices to drop further.

On Monday, the national average is nine cents less than a month ago and 45 cents lower than one year ago.

National Oil Market Dynamics

In the national oil market, West Texas Intermediate (WTI) crude oil prices dropped by $1.37 last Wednesday, closing at $76.98 per barrel. The EIA reported a 1.4 million barrel increase in crude oil inventories from the previous week, with total U.S. crude oil stocks at 430.7 million barrels, approximately 5% below the five-year average for this time of year.

Tennessee Regional Prices

• Most expensive metro markets: Nashville ($3.09), Jackson ($3.07), Cleveland ($3.04)

Least expensive metro markets: Chattanooga ($2.93), Clarksville ($2.95), Kingsport ($2.95)