Tennessee’s average gas price is $2.39, which is 7 cents more than a week ago, 6 cents more than a month ago and 41 cents more than a year ago. Gas prices in the South and Southeast are averaging more than a year ago, according to AAA.
The national average held steady on the week at $2.58, but that could change depending on the movement of crude oil prices due to geopolitical concerns.
“It’s typical to see crude oil prices push more expensive amid current events,” said Jeanette Casselano, AAA spokesperson, in a press release. “What this increase means in terms of retail prices is yet be seen. It depends on how expensive crude oil prices go and the duration at which it sells at a higher price point.”
• Johnson City ($2.34)
• Kingsport-Bristol ($2.35)
Most expensive gas prices in the state
• Nashville ($2.44)
• Knoxville ($2.42)
• Morristown ($2.41)
Least expensive gas prices in the state
• Cleveland ($2.20)
• Chattanooga ($2.31)
• Clarksville-Hopkinsville ($2.31)
What about oil?
At the close of Friday’s formal trading session on the New York Mercantile Exchange, West Texas intermediate crude increased by $1.87 to settle at $63.05, AAA reported.
Crude prices increased last week after the U.S. announced that it conducted a drone strike at an airport in Baghdad and killed Maj. Gen. Qassem Soleimani, a top military leader in Iran. The incident has escalated tensions in the region, raising the possibility that global crude supplies could be disrupted.
As market concerns over geopolitical risks increase, crude prices have increased amid uncertainty over how long tensions may continue to rise in the region. Crude prices may rise further this week if tensions continue to mount.
To view daily gas price averages, visit www.GasPrices.AAA.com.