RUTHERFORD COUNTY, TN - Pump price increases across the state gained momentum last week, rising nine cents on average. The Tennessee Gas Price average is now $3.18 per gallon, which is 24 cents more expensive than one month ago and five cents more than one year ago. Currently, Tennessee is the 7th least expensive market for gas in the nation.
In the past, gas prices in Rutherford County have fluctuated high and low, seldom settling in the middle ground. However, today presents a different scenario, with the average price for fuel in the Murfreesboro/Smyrna area standing at $3.19 per gallon for regular unleaded, striking a balance between those high and low ends of the map. Just south of Murfreesboro, in the Shelbyville area, fuel prices average a penny lower at $3.18 per gallon. Conversely, northward in Wilson County, gas prices are slightly higher, averaging $3.23 per gallon. To the east, Cannon County reports prices at $3.21 per gallon, while in nearby Music City, the average price climbs to $3.25 per gallon. In contrast, west of Eagleville, prices soar to the extreme high end of the spectrum, reaching $3.44 per gallon in Williamson County.
"There's still plenty of upward pressure on gas prices right now in the market, and with last week's crude oil price increases it's likely Tennesseans will see another round of increases at the pump this week," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Any time we see big oil price gains like we saw last week, it typically takes a week or two before those adjustments move through the retail market."
Quick Facts
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69% of Tennessee gas stations have prices below $3.25
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The lowest 10% of pump prices are $2.95 for regular unleaded
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The highest 10% of pump prices are $3.47 for regular unleaded
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Tennessee is the 7th least expensive market in the nation
National Gas Prices - The national average for a gallon of gas rose seven cents since last week to $3.53. While domestic gas demand has been lackluster, rising oil prices helped push pump prices higher. The Midwest may see a bit of a price reprieve, as the large BP Whiting refinery in Indiana is back up and running after being down since February 1st.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.04 to 8.81 million b/d last week. Meanwhile, total domestic gasoline stocks dropped by 3.3 million bbl to 230.8 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have pushed them higher instead.
Today’s national average of $3.53 is 27 cents more than a month ago and nine cents more than a year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI decreased by $1.79 to settle at $81.68. Oil prices fell last week after the US Federal Reserve announced it was leaving interest rates unchanged, but it expects three rate cuts by the end of 2024. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2 million bbl to 445 million bbl last week.
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 - Nashville ($3.25), Clarksville ($3.22), Jackson ($3.22)
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Least expensive metro markets - Morristown ($3.07), Knoxville ($3.08), Kingsport ($3.16)
Gas prices, Rutherford County, Murfreesboro, Smyrna, fuel prices, Shelbyville, Wilson County, Cannon County, Music City, Eagleville, Williamson County, average price.
