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NASHVILLE — Tennessee gas prices remained stable over the past week, starting Monday with the same statewide average as last week at $2.75 per gallon. The price is five cents lower than a month ago and 26 cents cheaper than this time last year.

“Last week, the state gas price average rose as high as $2.81 but began declining late last week, ultimately returning to the previous week’s price,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Given the time of year, drivers can likely expect more fluctuation at the pump. The good news is that Tennessee drivers are seeing prices 26 cents cheaper than last year.”

National Gas Prices

As winter fades, gas prices have cooled down. The national average dropped five cents this week to $3.09 per gallon. Prices are expected to remain steady as March begins and routine seasonal maintenance wraps up.

According to the Energy Information Administration (EIA), gasoline demand increased from 8.23 million barrels per day to 8.45 million last week. Domestic gasoline supply grew slightly, while production decreased, averaging 9.2 million barrels per day.

On Monday, the national average of $3.09 per gallon is unchanged from a month ago and 25 cents lower than a year ago.

Oil Market Dynamics

At the close of Wednesday’s trading session, West Texas Intermediate (WTI) crude oil dropped 31 cents to settle at $68.62 per barrel. The EIA reported a 2.3-million-barrel decrease in crude oil inventories, leaving total U.S. crude stockpiles 4% below the five-year average for this time of year.

Tennessee Regional Prices

Most expensive metro markets:

• Jackson ($2.81)
• Johnson City ($2.79)
• Nashville ($2.78)

Least expensive metro markets:

• Chattanooga ($2.65)
• Clarksville ($2.68)
• Morristown ($2.69)