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Gas seems to be on everyone’s minds recently. From market instability introduced by the pandemic to the shock of the Russian/Ukrainian war, there are a lot of things impacting gas prices right now. That means that consumers need to be more informed than ever about what’s happening in the oil market, and what they should expect at the pump.
If you’re living in Nashville or planning a visit sometime soon, you’re in the right place. We’ll talk about Nashville gas prices, what you can expect in the near future, and some techniques you can use to make sure you’re getting a good value at the pump.
Sound like the kind of info you could use?
Great. Let’s get started.
Average Nashville Gas Prices
The first thing you need to know is what Nashville’s average prices are right now. To be clear, the gas market is incredibly volatile right now, and we’re heading into the more expensive summer gas season. Both of those factors mean that averages are changing rapidly, so don’t be surprised if your real average is a little different from the one we’re reporting by the time you read this article.
That said, as of this writing, the average gas price in Nashville is $4.288 per gallon for regular, according toAAA. Check that link if you want accurate to today’s prices, they keep the site updated by state.
How Do Nashville Prices Compare With The Rest Of The Country?
Despite the high price tag on a gallon of gas in Nashville these days, Tennessee prices are actually lower than the national average.
If that comes as a surprise, the unfortunate reality is that the entire United States is experiencing a hike in the price of gas right now.
Nashville, like many other southern cities, is insulated from the worst of the hikes thanks to its proximity to oil production and gas refining processes. The lower cost of shipping, plus the usual benefits that come with being near manufacturing, both mean that Nashville will likely continue to have slightly lower than average prices through the summer.
The one thing that could change that would be if local gas production slows down, or if there is another significant shock to the market that could drive prices higher.
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Why Are Nashville Gas Prices High Right Now?
We’ve already talked a little about Nashville gas prices, and the reality that Nashville is slightly slower than the national average. However, that doesn’t mean that Nashville residents aren’t still feeling the pinch at the pump.
While plenty of people will likely have seen President Biden stickers on the pumps, the reality is a little more complicated than Presidential failures to keep prices lower.
The reality of the situation is that we’re dealing with a combination of market insecurity because of the situation in Russia, one of the world’s largest producers of natural gas and oil, inflation, and corporations taking an opportunity to raise prices.
Starting with that last one, there are two basic reasons that gas corporations are raising US gas prices right now. One is that they are anticipating increased gas costs as sanctions against Russia continue, and there’s only so much increase they can handle at the old prices.
Because US gas production is down, largely as a result of cutbacks that were necessary during the pandemic, gas production also has a more fragile supply chain than it would have before the pandemic. A fact that is only made worse by the reality that most of the world’s major gas and oil producers also slowed production during 2020 and 2021.
The conflict in Russia is also likely to keep prices higher, even when gas production ramps up to meet current demand. The instability as a result of that conflict means that many oil companies will keep prices higher in anticipation of future downturns, even if their situation improves.
Additionally, because inflation is already a significant issue across most of the US economy, gas companies are able to keep prices higher because consumers are less likely to reduce spending or look for alternatives, assuming inflation is to blame.
Are Nashville Prices Likely To Go Down Soon?
While Nashville will likely continue to see lower than national average prices for gas, the truth is that a significant decrease in prices just isn’t likely in the near future.
A few months from now, depending on changes in the economic situation surrounding gas and oil, we might start to see prices going back down, but that’s assuming production is able to ramp back up to pre-pandemic norms.
Given the current labor market and how workers are seeming to transition to different careers at the moment, getting pre-pandemic production might be more of a challenge than you’d expect at first glance.
The Russian Ukrainian conflict also seems unlikely to resolve soon, given the Ukrainian army has already held on to the country for longer than anyone would have expected them to. Even if the war ended next week, chances are sanctions against Russia will continue long after the war is over, which also means that lower prices are less likely.
Lastly, until inflation is under control and the market corrects to more norms in other sectors, gas prices will likely stay high as gas companies attempt to prepare for a market shock or recession in the US.
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Ways To Save On Gas In Nashville, Tennessee
There are still a few ways to save on gas in Nashville, even with higher prices at the pump.
One of the first, and best ways to save is simply to look for good deals. Local gas stations are still getting into price wars, and certain chains are offering lower than average prices as they try to get more customers. These deals are a great way to save a few cents per gallon, and that can add up fast.
It might seem counterintuitive, but you may also be able to save by going up a grade when you buy gas. Higher octane fuel often offers better mileage performance, so you might end up spending less when you buy better gas, even though the per-gallon cost is higher.
Even a couple mile per gallon difference can be enough to help save.
Joining a gas rewards program can also be an effective way to save on gas, especially if you can link it to grocery spending or another high-consistency high-use spending in your budget. Even a few extra cents off per gallon of fuel can make a big difference in your gas budget.
Lastly, avoid filling up during peak hours. Discounts for filling up late at night after rush hour, or in the middle of the day when most people are at work might not seem like much, but they can lead to significant savings over time.
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