Mar 9, 2023 - News
Nashville gas prices cool down as market stabilizes
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Nashville-area drivers spent an average of $3.17 for every gallon of gas in February, per GasBuddy data.
- That's down 10% year over year, but up 2% from January, Axios' Alex Fitzpatrick reports.
State of play: Declines have continued this month, with an average price of $3.19 per gallon in Nashville on Wednesday.
The big picture: Nationally, gas cost about $3.40/gallon in February — down 6% year over year, but up 2% from January.
Why it matters: Cheaper gas is good news for American consumers, especially commuters.
- More than three-quarters of American commuters drive to and from work, meaning they're particularly sensitive to the ebbs and flows of prices at the pump — especially as other basic goods also get more expensive.
Driving the news: Crude oil prices have fallen over the past year, leading to cheaper automotive gas.
- A barrel of West Texas Intermediate crude — a common industry benchmark — cost around $76 as of late February, down from about $122 in June 2022.
- Oil prices spiked last year amid uncertainty over Russia's invasion of Ukraine and the economic sanctions against Russia — a major oil producer — that followed.
- While the fighting drags on, oil markets have largely stabilized, as CNN reports.