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NASHVILLE — Gas prices across Tennessee remained relatively stable over the past week, with the state average increasing by just one cent. Tennessee’s average price for a gallon of regular gasoline now sits at $2.79 — nine cents higher than a month ago but 42 cents lower than this time last year.

“After jumping 10 cents heading into last week, gas price movement is relatively slow for now for gas prices across the state,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Late last week we saw oil prices plunge lower due to market concerns surrounding tariffs and the potential for a global economic shutdown. The price of crude oil accounts for about half of the price that drivers pay at the gas pump. This could mean more drops at the pump are in store this week for drivers.”

National Trends

Nationally, gas prices climbed more sharply, with the average price rising more than nine cents to $3.25 per gallon. The increase is being attributed to ongoing refinery maintenance and the seasonal switch to summer-blend gasoline. The last time the national average reached $3.26 was in September. Despite the recent uptick, prices remain below what they were a year ago.

Data from the U.S. Energy Information Administration (EIA) shows gasoline demand dropped from 8.64 million barrels per day to 8.49 million, while domestic supply decreased from 239.1 million barrels to 237.6 million. Gasoline production increased, averaging 9.3 million barrels per day last week.

Oil Market Dynamics

At the close of trading Wednesday, West Texas Intermediate (WTI) crude rose 51 cents to $71.71 per barrel. Crude oil inventories increased by 6.2 million barrels to a total of 439.8 million barrels, which is about 4% below the five-year average for this time of year, according to the EIA.

Tennessee Metro Prices

The most expensive metro markets in Tennessee include:

• Johnson City: $2.86

• Memphis: $2.83

• Jackson: $2.83

The least expensive metro markets include:

• Cleveland: $2.66

• Chattanooga: $2.70

• Clarksville: $2.73