Nashville, TN – The Tennessee gas price average dropped nearly two cents over last week. The Tennessee Gas Price average is now $1.92 which is nearly four cents less than one month ago and 56 cents less than one year ago.
“Pump prices are mostly pushing cheaper across the state as gasoline demand wanes over the past few weeks,” said Megan Cooper, spokesperson, AAA – The Auto Club Group. “Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, but healthy supply levels should help keep gas prices cheaper than last summer.”
Quick Facts
- 90% of Tennessee gas stations still have prices below $2.00
- The lowest 10% of pump prices are $1.71 for regular unleaded
- The highest 10% of pump prices are $2.21 for regular unleaded
- Tennessee remains the 9th least expensive market in the nation
National Gas Prices
As COVID-19 Coronavirus case numbers surpass 4 million, demand for gasoline is weakening across the country. The latest Energy Information Administration (EIA) demand reading measures at 8.5 million b/d, which is about 11% less than a year ago.
The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This is the first time since late April that the national average has declined.
Today’s national average ($2.18) is one cent more than last month and 56 cents cheaper than last year. Motorists can find gas for $2.25 or less at 70% of gas stations across the country.
National Oil Market Dynamics
At the end of Friday’s formal trading session, WTI increased by 22 cents to settle at $41.29 per barrel. Domestic crude prices increased due to a slight decrease in the value of a U.S. dollar. However, crude prices could fall this week, since EIA’s weekly report revealed that total domestic inventories increased by 4.9 million bbl.
The increase, amid falling gasoline demand, could mean that the domestic crude market is oversupplied.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($1.97), Jackson ($1.97), Morristown ($1.95)
- Least expensive metro markets – Cleveland ($1.82), Knoxville ($1.87), Kingsport ($1.87)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$1.917 |
$1.921 |
$1.932 |
$1.953 |
$2.481 |
|
Chattanooga |
$1.876 |
$1.884 |
$1.903 |
$1.968 |
$2.370 |
|
Knoxville |
$1.865 |
$1.870 |
$1.884 |
$1.917 |
$2.483 |
|
Memphis |
$1.969 |
$1.969 |
$1.978 |
$1.957 |
$2.478 |
|
Nashville |
$1.948 |
$1.953 |
$1.970 |
$2.000 |
$2.508 |
|
Click here to view current gasoline price averages |
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About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more.
ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.
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