Gas Prices Stabilize

Tennessee gas prices have risen 0.6 cents per gallon in the past week, averaging $2.97/g today, according to GasBuddy's daily survey of 3,821 stations in Tennessee. Gas prices in Tennessee are 8.1 cents per gallon lower than a month ago and stand 95.8 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Tennessee is priced at $2.59/g today while the most expensive is $3.99/g, a difference of $1.40/g. The lowest price in the state today is $2.59/g while the highest is $3.99/g, a difference of $1.40/g.

The national average price of gasoline has fallen 0.9 cents per gallon in the last week, averaging $3.27/g today. The national average is down 9.0 cents per gallon from a month ago and stands $1.03/g higher than a year ago.

Historical gasoline prices in Tennessee and the national average going back ten years:
January 3, 2021: $2.01/g (U.S. Average: $2.24/g)
January 3, 2020: $2.36/g (U.S. Average: $2.59/g)
January 3, 2019: $1.97/g (U.S. Average: $2.26/g)
January 3, 2018: $2.25/g (U.S. Average: $2.49/g)
January 3, 2017: $2.13/g (U.S. Average: $2.35/g)
January 3, 2016: $1.74/g (U.S. Average: $1.99/g)
January 3, 2015: $2.05/g (U.S. Average: $2.20/g)
January 3, 2014: $3.13/g (U.S. Average: $3.32/g)
January 3, 2013: $3.13/g (U.S. Average: $3.29/g)
January 3, 2012: $3.12/g (U.S. Average: $3.27/g)

Neighboring areas and their current gas prices:
Chattanooga- $2.93/g, up 1.7 cents per gallon from last week's $2.91/g.
Nashville- $3.00/g, down 2.4 cents per gallon from last week's $3.02/g.
Huntsville- $2.96/g, up 1.2 cents per gallon from last week's $2.95/g.

"After a pretty long run of falling gas prices, we've seen things stabilize. Oil prices have started to rise as omicron hasn't been as severe as initially feared, leading to optimism that perhaps oil demand will start to rise in the weeks ahead as cases will eventually plateau," said Patrick De Haan, head of petroleum analysis for GasBuddy. "In addition, Great Lakes states were expected to see a price hike last week, but the hike hasn't happened just yet, leading me to believe it will occur in short order this week and send the national average higher. For the rest of the nation, with oil near $76 per barrel, we will likely see gas price decreases replaced by minor price increases."