AAA: Tennessee gas prices up as crude oil price hike continues

NASHVILLE, Tenn., (Jan 17, 2022) — Tennessee’s gas price average rose a penny from last week. The Tennessee Gas Price average is now $3.03 which is two cents more than a month ago and 84 cents more than one year ago.   

Gasoline prices continue to edge upward, driven primarily by the price surge in crude oil, which closed over $84 a barrel last week,” said Stephanie Milani, Tennessee Public Affairs Director, AAA-The Auto Club Group.  “As crude prices continue to climb, pump prices in Tennessee will likely follow suit.”

Winter weather and the COVID-19 omicron variant are the likely culprits behind this demand dip. Typically, pump prices decline due to lower gas demand and a rise in total stocks, but continued growth in the price of crude oil has helped to elevate pump prices.