During the last week, Tennessee gas prices jumped nearly 12 cents to the most expensive gas price average so far this year. The average is now $3.01, which is nearly 12 cents more expensive than one month ago and $1.07 more than one year ago.
“The key driver for this recent rise in the price of gas is crude oil, which typically accounts for between 50% and 60% of the price at the pump,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “And last week’s decision by the Organization of the Petroleum Exporting Countries and its oil-producing allies to not increase production further only exacerbated the upward momentum for crude oil prices.”
Meanwhile, a breach and spill in a key pipeline supplying fuel to parts of the southeastern U.S. led to tightened regional supplies. Kinder Morgan Inc. said it expected repairs to its southeastern products pipeline to be completed October 9, with a restart afterward. The repairs were slowed by the recent heavy rain and flooding around Birmingham, Alabama. The spill took place on Oct. 1. The pipeline serves various metropolitan areas, including Birmingham, Alabama; Atlanta, Georgia; Charlotte, North Carolina; and Washington, D.C.
Today’s national average of $3.27 is 10 cents more than a month ago, $1.09 more than a year ago and 63 cents more than pre-pandemic in 2019.