AAA: TN gas prices rise two cents
Published 1:45 pm Tuesday, January 17, 2023
- Contributed
Tennessee is the 7th least expensive market in the nation
NASHVILLE — Gas prices continued to fluctuate across the state last week. The Tennessee Gas Price average is now $2.99 which is nearly 23 cents more expensive than one month ago and three cents less than one year ago.
“Oil prices continue to be the biggest factor influencing pump prices right now,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “While we are still seeing downward pressure on our pump prices from lackluster gasoline demand, increasing crude oil prices are causing our gas prices to continue to trend higher. Drivers will likely continue to see prices fluctuate further this week.”
Quick Facts
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68% of Tennessee gas stations have prices below $3.00
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The lowest 10% of pump prices are $2.96 for regular unleaded
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The highest 10% of pump prices are $3.31 for regular unleaded
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Tennessee is the 7th least expensive market in the nation
National Gas Prices
The short days and messy weather of January are combining to keep people off the roads, lowering gasoline demand. But the price of oil rose as fears of a global economic recession eased. The national average for a gallon of gas rose by five cents since last week to $3.32.
According to data from the Energy Information Administration, gas demand barely budged last week, rising slightly from 7.51 million b/d to 7.56 b/d. Meanwhile, total domestic gasoline stocks rose from 222.7 million bbl to 226.8 million bbl. Flat gasoline demand and increased supply are contributing to limited pump price increases.
On Jan. 17, the national average of $3.32 is 17 cents more than a month ago and a penny more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by $1.47 to settle at $79.86. A lower dollar helped to push crude prices higher at the end of last week. Additionally, after China increased quotas for oil purchases this year, the market rallied as a sign that crude oil demand may be more robust than anticipated. For this week, crude prices could continue to rise if the market sees more indications that global oil demand may be boosted alongside prices in 2023.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
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Most expensive metro markets — Jackson ($3.04), Johnson City ($3.04), Memphis ($3.04)
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Least expensive metro markets — Chattanooga ($2.91), Clarksville ($2.92), Cleveland ($2.97)
