08
May
2022
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17:00 PM
America/Chicago

AAA: TN Gas Prices Jump 18 Cents

Pump prices likely to continue increasing this week

NASHVILLE, Tenn., (May 9, 2022) — The rollercoaster ride at the pump continues as the Tennessee state gas price average rose above $4.00 per gallon on Friday. Gas prices jumped, on average, 18 cents over the course of last week. The Tennessee Gas Price average is now $4.08 which is nearly 18 cents more expensive than one month ago and $1.37 more than one year ago.

"A tight global oil supply combined with expectations of high summer gasoline demand and rising crude oil prices are pushing prices at the pump more expensive this week," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Right now, the state gas price average is only four cents below the previous record set earlier this year in March. It's unclear if we will surpass that record this week, but if market conditions persist, it's likely we could set a new gas price record here in Tennessee."

Quick Facts

  • 50% of Tennessee gas stations have prices above $4.00
  • The lowest 10% of pump prices are $3.87 for regular unleaded
  • The highest 10% of pump prices are $4.42 for regular unleaded
  • Every metro area in TN saw a double digit increase in its metro average over last week

National Gas Prices

Drivers are paying more at the pump—a lot more—as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2.2 million bbl to 228.6 million bbl last week. However, gasoline demand increased slightly from 8.74 million b/d to 8.86 million b/d. Increasing gas demand and rising oil prices have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $105 per barrel.

Meanwhile, today's national average for a gallon of gas is $4.32, which is 20 cents more than a month ago, and $1.36 more than a year ago.

National Oil Market Dynamics

At the close of Friday's formal trading session, WTI increased by $1.51 to settle at $109.77. Crude prices rose last week after the European Union announced a proposal to ban Russian oil imports within six months, while refined product imports would be prohibited by the end of 2022. The price increases occurred despite continuing COVID lockdowns in China weighing down crude demand and EIA reporting that total domestic crude inventories increased by 1.3 million bbl to 415.7 million bbl, which is approximately 14 percent lower than the storage level at the end of April 2021. Since supply remains tight and the market remains highly volatile, crude prices will likely continue to fluctuate this week, potentially pushing pump prices higher.

Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.

Tennessee Regional Prices

  • Most expensive metro markets - Johnson City ($4.14), Morristown (4.12), Knoxville ($4.12)
  • Least expensive metro markets - Chattanooga ($3.99), Clarksville ($4.02), Cleveland ($4.03)

Ways to Save on Gasoline

  • Combine errands to limit driving time.
  • Shop around for the best gas prices in your community.
  • Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
  • Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
  • Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.

AAA Resources for Drivers

  • Enroll in savings programs. AAA Members who enroll in Shell's Fuel Rewards program can save 30 cents per gallon on their first fill-up and 5 cents per gallon each additional trip to the pump. Click here for more information.
  • Get a tune-up. Ensure your vehicle is properly maintained to optimize its fuel economy. Visit AAA.com/AutoRepair to find a certified repair shop.
  • Find the lowest gas prices in your area by using the free AAA mobile app.
  • Determine anticipated fuel costs for your trip by using the AAA's Gas Cost Calculator.


Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$4.081

$4.064

$3.901

$3.905

$2.716

Chattanooga

$3.991

$3.985

$3.821

$3.850

$2.641

Knoxville

$4.120

$4.101

$3.959

$3.991

$2.701

Memphis

$4.120

$4.094

$3.969

$3.936

$2.768

Nashville

$4.100

$4.087

$3.892

$3.924

$2.734

Click here to view current gasoline price averages

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA's mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.