RUTHERFORD COUNTY, TN – As we close out the first day of a new week, gas prices once again inched upwards compared to prices this past week, with the cost of fuel increasing by an average of five cents.
Fuel prices in Rutherford County are positioned between high and low, averaging $3.20 per gallon. Residents in counties both north and south of Murfreesboro are paying about one penny more at $3.21 per gallon in both Wilson and Bedford Counties. To the east in Cannon County, the average price of regular unleaded gas matches Rutherford County at $3.21 per gallon. In neighboring Williamson County to the west, however, average fuel prices remain the highest in the state at $3.49 per gallon. Meanwhile, in Nashville, prices stand at $3.27 per gallon.
Overall, gas prices have risen by an average of five cents per gallon in Tennessee, with the state average hovering at $3.20. This represents an increase of 12 cents compared to one month ago but is 10 cents less than one year ago. AAA, the Auto Club, reports that 67% of Tennessee gas stations have prices below $3.25 per gallon, with the lowest 10% of pump prices at $2.97 for regular unleaded. Tennessee is the 7th least expensive market for gas in the nation.
National Gas Prices - Amidst ominous overseas news, a surge in domestic gasoline demand, and rising oil prices reaching the mid-$80s per barrel, the national average for a gallon of gas climbed six cents to $3.59 since last week.
According to new data from the Energy Information Administration (EIA), gas demand rose from 8.72 to 9.23 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 4.2 million bbl to 227.8 million bbl. The combination of higher demand and rising oil prices is likely to push pump prices higher.
Today’s national average of $3.59 is 19 cents more than a month ago and the same as one year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI increased by 28 cents to settle at $85.43. Oil prices edged higher despite EIA reporting an increase of 3.2 million barrels from the previous week. U.S. crude oil inventories stand at 451.4 million barrels, about 2% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices:
- Most expensive metro markets - Clarksville ($3.29), Nashville ($3.26), Jackson ($3.26)
- Least expensive metro markets - Morristown ($3.07), Knoxville ($3.07), Kingsport ($3.14)
