Gas prices rise 8.4 cents

Tennessee gas prices have risen 8.4 cents per gallon in the past week, averaging $2.46 per gallon today, according to GasBuddy’s daily survey of 3,821 stations in Tennessee.

Gas prices in Tennessee are 25.6 cents per gallon higher than a month ago and stand 29.5 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Tennessee is priced at $2.09 per gallon today while the most expensive is $2.75 per gallon, a difference of 66 cents per gallon.

The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $2.72 per gallon today. The national average is up 30.3 cents per gallon from a month ago and stands 30.6 cents per gallon higher than a year ago.

Around the Southeast, Chattanooga’s prices went up the most this week, increasing 12.2 cents per gallon from last week’s $2.29 per gallon to $2.42 per gallon. In Huntsville, Alabama, prices increased 11.9 cents from $2.33 per gallon last week to $2.45 per gallon today. Finally, Nashville prices went up 9.7 cents per gallon from $2.44 per gallon to $2.53 per gallon today.

“Gas prices continued to surge last week following cold weather related shutdowns in Texas, but going forward, the impact from the cold has likely run its course. However, several other factors will rise in their influence on gas prices again, including the fact that gasoline demand continues up steam,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“According to Pay with GasBuddy data, last week’s total gasoline demand soared to the highest level since the pandemic began as COVD-19 cases continue to drop and and Americans are filling up more. On the supply side, the number of oil rigs active in the U.S. stands nearly 50% lower than a year ago, which is a large factor driving prices up. To put it simply, demand is recovering much much faster than oil production levels, which is why oil prices have soared. This week, OPEC will be meeting to hopefully increase oil production to temper the rise in prices, but will they increase oil production enough to match the growing appetite of a global economy that’s seen oil demand jump? We’ll have to wait and see.”