Gas prices in Tennessee continue to climb.
Prices are up again this week, according to AAA, marking the fifth consecutive week of increases. The average price per gallon regular unleaded gasoline in Tennessee as of Monday, Feb. 7 is $3.14. That is up four cents from last week and 10 cents from two weeks prior. That price is 15 cents higher than last month and 93 cents more expensive than one year ago.
Meanwhile, the average price of gasoline in Coffee County is currently at $3.10, which is 4 cents below the state average and a penny more expensive than last week.
The national average is $3.44
National Gas Prices
Blustery winter weather and geopolitical tensions are helping to drive the price of oil higher, which is in the low-$90s per barrel, nearly $30 more than in August. The recent cold weather in the U.S increased the demand for heating oil. Meanwhile, the concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on prices. The national average for a gallon of gas has surged to $3.44, eight cents more than a week ago. Gas was last this expensive in 2014.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 2.1 million bbl to 250 million bbl last week. However, gasoline demand dropped from 8.51 million b/d to 8.23 million b/d. Usually, an increase in total stocks and a decrease in demand puts downward pressure on pump prices, but the rising cost of oil continues to push prices higher instead. If crude prices continue to climb, pump prices will likely follow suit.
Today’s national average for a gallon of gas is $3.44, which is 14 cents more than a month ago and 98 cents more than a year ago.
