Gas prices across Tennessee rose by four cents last week, bringing the state average to $2.55 per gallon. This increase represents an 11-cent rise compared to one month ago, although prices remain 21 cents lower than they were at the same time last year.
Megan Cooper from AAA reported that Tennessee is currently the eighth least expensive market for gasoline in the nation. In contrast, the national average for regular gasoline has climbed to $2.90 per gallon. The rise in Tennessee’s gas prices occurs amid a notable drop in gasoline demand, which has decreased from 8.75 million barrels per day to 8.15 million.
The price of West Texas Intermediate (WTI) crude oil closed at $65.14 a barrel. Fluctuations in crude oil prices often impact the cost of gasoline at the pump. According to AAA, drivers in Tennessee are paying nearly a quarter less for gasoline than they did last year.
Looking ahead, experts indicate that gas prices may continue to rise as the state approaches spring break and transitions to summer-blend gasoline. This seasonal shift typically leads to increased demand and higher prices at the pump.
The rise in gas prices is being felt across several cities in Tennessee, including Nashville, Cleveland, Jackson, Morristown, Knoxville, and Clarksville. As consumers adjust to these changes, the effects on travel and local economies may become more pronounced in the coming weeks.
Overall, while the recent increase in gas prices may concern some drivers, the current rates still reflect a significant decrease compared to the previous year.
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