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NASHVILLE — After three weeks of declines, Tennessee gas prices moved higher over the past week. As of Monday, the state’s average price for a gallon of regular gas stands at $2.77, seven cents higher than a week ago. The current average is four cents less than a month ago and 48 cents less than one year ago.

“Last week we saw our state gas price average fluctuate as high as $2.80, but then drop down over the weekend to $2.77,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Even with last week’s increases, drivers are still seeing prices at the pump nearly 50 cents cheaper than this time last year.”

National Gas Prices
The national average for a gallon of regular gas is $3.14, a penny less than both a week ago and one month ago. Increased demand, as warmer weather draws more people outdoors, is pushing prices up slightly. However, the national average remains significantly lower than a year ago, largely because crude oil prices are down — $62 a barrel now compared to $82 a barrel a year ago.

According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.46 million barrels per day to 9.41 million barrels per day last week. Total domestic gasoline supply fell from 234 million barrels to 229.5 million barrels. Gasoline production also rose, averaging 10.1 million barrels per day.

National Oil Market Dynamics
At the close of Wednesday’s formal trading session, West Texas Intermediate crude fell $1.40 to settle at $62.27 a barrel. The EIA reported that crude oil inventories increased by 0.2 million barrels from the previous week. At 443.1 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

Tennessee Regional Prices
The most expensive metro markets in Tennessee are Nashville ($2.85), Johnson City ($2.82) and Jackson ($2.79).
The least expensive metro markets are Morristown ($2.67), Clarksville ($2.69) and Knoxville ($2.72).