Tennessee gas price average is now $3.87 and expected to keep climbing

Gas pump
Posted at 6:14 PM, Mar 07, 2022
and last updated 2022-03-07 20:43:41-05

NASHVILLE, Tenn. (WTVF) — First the pandemic, then supply chain delays, now, a military crisis overseas. It's affecting the price Americans are paying at the pump, and unfortunately, it's only going to get worse before it gets better.

"As long as those crude oil prices continue to be volatile, as long as we see those surges in crude oil prices we're going to see that reflected at the pump," said Megan Cooper, AAA spokeswoman.

According to AAA, a gallon of gas now costs Tennesseans a whopping $3.87, and that's just the average. Around the state, gas prices are about 43 cents higher than last week. Prices haven't increased that rapidly since 2005.

According to AAA, what's causing soaring gas prices more than anything is ever-changing crude oil prices.

"A little over half of that [gas] price is comprised of the price of crude oil. Outside of that you have marketing, distribution costs, federal and state gas taxes, and then of course you also have the local cost of running that business. So that's where we start to see that price difference creeping in across our counties," Cooper said.

The highest gas prices in Tennessee are in Overton County, Pickett County and Williamson County. The cheapest in Sequatchie County.

AAA is predicting an additional 10 to 15 cent increase in the next week or two.

The Russia-Ukraine conflict is part of the reason prices are higher at the gas pump. Mainly because the war is causing uncertainty in the global market.