NASHVILLE, Tenn. (WKRN) – With Russia’s recent invasion of Ukraine gasoline prices are expected to surge in Tennessee. Many Tennesseans are already feeling the pain at the pump with numbers seemingly increasing each day.
According to GasBuddy, the average cost of a gallon of regular gasoline in Nashville is up to $3.53, a dollar increase from the past year. The increase is causing Tennesseans to budget to fill up their tanks, and analysts say Russia’s recent invasion into Ukraine only adds to the uncertainty of how high prices could rise in the Volunteer State.
“Well, theoretically, we could see gas prices continue to go up, but it’s been nine straight weeks that the national average has gone up, and that certainly could extend for another nine weeks, with the situation in Russia today, boosting the price of oil by nearly 5%,” said Patrick Deehan leading petroleum analyst with GasBuddy, “Tennessee is not usually one of those areas, that’s a higher price. So, it’s not a guarantee that you’ll get to $4. But it could be very close by the time we roll around to Memorial Day.”
Deehan says he’s optimistic that gas prices will remain under $4 a gallon in Tennessee, but with oil prices now surging above $100 a barrel that figure is a price Tennesseans may see in the upcoming weeks.
Analysts say now is the time to start thinking about reducing gas consumption by 5 to 10%. This does not necessarily mean canceling long trips, but Tennesseans should be more fuel-efficient in the upcoming days and weeks ahead.