Tennessee drivers will pay an average of $2.99 per gallon of regular gasoline this month versus $2.04 last year. This is a 46.8 percent increase equaling $0.95 per gallon.
Of the 10 Tennessee metropolitan areas analyzed, drivers in Memphis (TN only) faced the largest price hike at the pump in the last year of $54.01. Clarksville-Hopkinsville (TN only) was spared the worst pain, with the price of gas rising $44.32 from January 2021 to January 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
Tennessee drivers average 1,273.9 miles and use 52.6 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Memphis (TN only) | $3.08 | $2.06 | $1.03 | 49.9% | $54.01 |
| Johnson City | $2.99 | $1.97 | $1.03 | 52.2% | $53.96 |
| Chattanooga (TN only) | $2.97 | $1.96 | $1.01 | 51.7% | $53.27 |
| Morristown | $3.06 | $2.05 | $1.01 | 49.1% | $53.06 |
| Jackson | $3.04 | $2.07 | $0.97 | 46.6% | $50.90 |
| Nashville | $3 | $2.06 | $0.94 | 45.8% | $49.64 |
| Knoxville | $3 | $2.06 | $0.94 | 45.8% | $49.59 |
| Cleveland | $2.90 | $1.97 | $0.93 | 47.4% | $49.11 |
| Kingsport-Bristol | $2.89 | $1.96 | $0.93 | 47.1% | $48.75 |
| Clarksville-Hopkinsville (TN only) | $2.89 | $2.05 | $0.84 | 41.1% | $44.32 |
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