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HomeNewsCOVID-19 Omicron pushes Oil Prices Lower, Gas Prices continue Falling

COVID-19 Omicron pushes Oil Prices Lower, Gas Prices continue Falling

Tennessee moves up to 9th least expensive market in Nation.

AAANashville, TN – Tennessee gas prices are still falling as 2.5 million Tennesseans prepare to set out on a holiday road trip. Click here to view AAA’s Year-End Holiday Travel Forecast.

Tennessee Gas Price average declined three cents last week. Drivers are now paying an average price of $3.00 a gallon for gasoline, which is 17 cents less than the 2021 high – set back in October.

“Holiday travelers are getting the gift of falling prices at the pump, though these prices surely aren’t falling as fast as many would like,” said Stephanie Milani, Tennessee Public Affairs Director, AAA – The Auto Club Group.

“Travelers are poised to pay about a dollar per gallon more than they did last year. Even still, after many decided to stay home and play it safe in 2020, it appears that higher gas prices will not be a big deterrent. AAA forecasts a strong 28% rebound in road trips compared to last year,” Milani stated.

Quick Facts

  • 62% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.73 for regular unleaded 
  • The highest 10% of pump prices are $3.35 for regular unleaded

National Gas Prices

Pump prices fell again last week as crude oil prices wobbled—neither rising steadily nor falling rapidly. The national average for a gallon of gas dipped three cents to $3.30.

Today’s national average of $3.30 is 11 cents less than a month ago and $1.09 more than a year ago.

National Oil Market Dynamics

We are seeing deep cuts in the price of oil this morning.  At press time United States oil prices are trading at a 6% loss on the day.

Crude prices are falling due to growing market concerns that the omicron variant of COVID-19 Coronavirus will lead to a decrease in fuel demand as governments around the globe consider measures to curb transmission rates. If sustained, these lower oil prices will reduce the cost of producing gasoline – thus further reducing prices at the pump.  


Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.

Tennessee Regional Prices 

  • Most expensive metro markets – Memphis ($3.07), Morristown ($3.07), Jackson ($3.04)
  • Least expensive metro markets – Cleveland ($2.91), Clarksville ($2.91), Kingsport-Bristol ($2.95) 

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.004

$3.009

$3.028

$3.122

$1.974

Chattanooga

$2.953

$2.961

$2.980

$3.088

$1.904

Knoxville

$3.014

$3.016

$3.034

$3.141

$1.970

Memphis

$3.074

$3.076

$3.091

$3.158

$2.011

Nashville

$3.016

$3.018

$3.039

$3.127

$1.989

Click here to view current gasoline price averages

 


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 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.

For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.

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