AAA: Russia, Ukraine border tensions effecting gas prices

NASHVILLE, Tenn., (February 21, 2022) — The Tennessee gas price average continues to increase, rising three cents over last week, on average. The Tennessee Gas Price average is now $3.29 which is 25 cents more expensive than one month ago and 89 cents more than one year ago.  

“Gas prices are still rising across the state this week, however, at a much slower rate compared to last week,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Upward tension on gas prices from elevated crude oil prices, as well as ongoing geopolitical tensions between Russia and Ukraine will likely continue to push pump prices higher this week.”

Although crude prices slipped Thursday due to increased market expectations that more oil could enter the global market if the U.S. and Iran complete a new nuclear agreement, and sanctions are lifted, the tension between Russia and Ukraine contributed to rising oil prices earlier in the week. Russia is a member of OPEC, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market.

Tennessee Regional Prices 

Most expensive metro markets – Memphis ($3.34), Nashville ($3.33), Chattanooga ($3.32)

Least expensive metro markets – Kingsport ($3.23), Johnson City ($3.24), Cleveland ($3.25)