Gas prices in Tennessee experienced a modest increase last week, with the state average climbing by three cents to reach $2.77 per gallon, as reported on Monday, August 25. Notably, Knoxville was the only major metropolitan area that did not see a rise in prices, maintaining a steady rate of $2.70.
Despite this slight uptick, current prices are approximately 20 cents lower than they were at the same time last year. On a national scale, the average cost for a gallon of regular unleaded gasoline stands at $3.16, which reflects a three-cent increase from the previous week. However, this figure is still 19 cents less than it was one year ago. On August 21, the national average reached $3.13, a price point not observed since 2020 on that date.
In the oil market, West Texas Intermediate (WTI) crude oil concluded trading at $63.21 per barrel on Wednesday, marking an increase of 86 cents from the prior session. The Energy Information Administration has indicated a significant decrease in U.S. crude inventories, reporting a drop of six million barrels. This reduction has resulted in total stockpiles being approximately six percent lower than the five-year average for this time of year.
For those interested in regional pricing, here are the average costs for regular unleaded gasoline in various Tennessee metropolitan areas: Chattanooga is at $2.74, while both Memphis and Nashville report prices of $2.82. It is important to note that there will be no Gas Price Brief next week due to the observance of Labor Day on September 1.