AAA: Tennessee Gas Prices Up Five Cents

Gas prices across Tennessee have fluctuated in recent weeks, but drivers are starting the new year paying less at the pump than they did both one month and one year ago, according to AAA.

The statewide average price for a gallon of gas is $2.50, which is seven cents lower than one month ago and 24 cents less than this time last year.

Megan Cooper, spokeswoman for AAA – The Auto Club Group, said Tennessee drivers are beginning the year with gas prices nearly a quarter lower than a year ago due largely to steady oil supply and softer demand compared to previous years. She said while global events can influence prices, there is no indication at this time that recent developments will have a significant impact, and motorists can expect modest price fluctuations in the coming weeks.

Oil prices have remained relatively stable despite attention on recent developments in Venezuela. U.S. crude oil closed Friday at $57.32 per barrel, up 58 cents from the previous week. Analysts note that while Venezuela was once a major oil producer, its exports have been limited for years due to sanctions, and global supply remains sufficient.

Within the state, the most expensive metro gas prices are Nashville at $2.60, Jackson at $2.55, and Cleveland at $2.53. The least expensive metro markets are Morristown at $2.38, Kingsport at $2.42, and Knoxville at $2.42.