Rutherford County, Tenn. – More news on the ever-changing gas prices across the Volunteer State. As of Sunday, the prices appeared to have reversed course and are trending more expensive. Tennessee gas prices, on average, rose five to six cents over last week. The Tennessee Gas Price average is now $3.91 (05/03/22) which is nine cents less expensive than one month ago and nearly $1.21 more than one year ago.
• Sam's Club (125 John R. Rice Blvd, Murfreesboro, TN) $3.55/g (05/02) – Now $3.59/g (05/03) UP
• COSTCO (1524 Beasie Rd, Murfreesboro, TN) $3.55/g (05/02) – Now $3.59/g (05/03) UP
• Walmart (5515 Murfreesboro Rd, LaVergne, TN) $3.58/g (05/02) – Now $3.61/g (05/03) UP
• Dodge's Store (510 NW Broad St, Murfreesboro, TN) $3.67/g (05/02) – Remains $3.67/g (05/03) UNCHANGED
• MOBIL (5540 Murfreesboro Rd, LaVergne, TN) $3.58/g (05/02) – Holding at $3.58/g (05/03) UNCHANGED
• Circle K (796 Nissan Dr, Smyrna, TN) $3.62/g (05/02) – Now $3.63/gal (05/03) UP
• CITGO (251 N Lowry St, Smyrna, TN) $3.69/g (05/02) – Now at $3.75/gal (05/03) UP
• Murphy USA (2435 Billy Blvd, Murfreesboro,TN) $3.74/g (05/02) – Now at $3.75/g (05/03) UP
• MAPCO (558 Waldron Rd, LaVergne, TN) $3.72/g (05/02) – Remains $3.72/g (05/03) UNCHANGED
Above gas price source: GasBuddy.com
“Global supply concerns are keeping upward pressure on oil prices, and as a result, we're once again seeing increases in our pump prices” said Megan Cooper, spokeswoman, AAA - The Auto Club Group. “It's difficult to say how long this trend will continue as the oil market remains extremely volatile. It is, however, very likely that pump prices will continue to fluctuate as we head into the summer driving season."
• 89% of Tennessee gas stations have prices below $4.00
• The lowest 10% of pump prices are $3.71 for regular unleaded
• The highest 10% of pump prices are $4.20 for regular unleaded
Scroll down for more on Tuesday's gas prices and a look at this week...
Gas Prices - Continued...
National Gas Prices
Pump prices rose again over the past week due primarily to the high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude continues to hover around $100.
With the oil price accounting for about 60% of pump prices, the national average for a gallon of regular unleaded gas on Tuesday morning was recorded at $4.20 (05/03/22), an increase of eight cents since when compared to last week on Monday, April 25, 2022.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased slightly from 8.87 million b/d to 8.74 million b/d. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.
The national average for a gallon of gas on Tuesday (May 3, 2022) is $4.20, which is a penny less than a month ago, but $1.29 more than a year ago. Monday's national average was one-penny less at $4.19 per gallon (May 2, 2022).
Tennessee Regional Prices
• Most expensive metro markets - Memphis ($3.97), Morristown ($3.97), Knoxville ($3.96)
• Least expensive metro markets - Cleveland ($3.82), Chattanooga ($3.82), Clarksville ($3.83)
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 67 cents to settle at $104.69. Although prices declined on the day due to crude demand concerns as lockdowns continue in China, crude prices gained earlier in the week after EIA’s weekly report showed that total current supply level is approximately 16 percent lower than at the end of April 2021. Crude inventories rose by 700,000 bbl to 414.4 million bbl, but supply remains tight and the market remains highly volatile. For this week, crude prices will likely continue to increase, pushing pump prices higher. Additionally, the market will be watching this week’s OPEC+ meeting via videoconference on Thursday, May 5, which could see the cartel increase crude production to help meet global demand.
Drivers can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.
See yesterday's (05/02/22) report on gas prices HERE.