Nashville, TN – Gas prices across Tennessee stabilized over the last week, with today’s state gas price average the same as one week ago.
The Tennessee Gas Price average is now $3.85 which is nearly 18 cents less expensive than one month ago and $1.16 more than one year ago.
“The fluctuating price of crude oil remains the biggest factor influencing pump prices. It’s likely that Tennesseans will catch a break from last month’s record-high pump prices, however, dramatic drops at the pump aren’t expected,” Cooper stated.
Quick Facts
- 91% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $3.59 for regular unleaded
- The highest 10% of pump prices are $4.16 for regular unleaded
National Gas Prices
The recent dip in pump prices has reversed, with the national average for a gallon of regular gas rising four cents over the past week to $4.12. Upward pricing pressure on concerns that less Russian oil will enter the global market is countered by fears of a COVID-induced economic slowdown in China, the world’s leading oil consumer. These opposing forces are causing the oil price to hover around $100 a barrel.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by nearly 1 million bbl to 232.3 million bbl last week. Gasoline demand increased slightly from 8.73 million b/d to 8.86 million b/d. Although supply and demand factors would have typically supported elevated pump prices, the fluctuating oil price continues to be the main factor influencing prices at the pump.
Today’s national average for a gallon of gas is $4.12, which is 12 cents less than a month ago, and $1.24 more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.72 to settle at $102.07. Crude prices weakened at the end of the day due to demand concerns in Shanghai as fears of a demand-reducing slowdown in global economic activity loom.
Crude prices declined despite EIA reporting that total domestic oil inventories decreased by 8.1 million barrels to 413.7 million barrels. This week, crude prices could see further reductions if demand concerns continue to drag the market down.
Drivers 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 ($3.94), Knoxville ($3.94), Morristown ($3.92)
- Least expensive metro markets – Clarksville ($3.71), Cleveland ($3.76), Kingsport ($3.78)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$3.848 |
$3.852 |
$3.846 |
$4.025 |
$2.691 |
|
Chattanooga |
$3.841 |
$3.850 |
$3.768 |
$3.973 |
$2.630 |
|
Knoxville |
$3.935 |
$3.941 |
$3.966 |
$4.094 |
$2.658 |
|
Memphis |
$3.943 |
$3.936 |
$3.917 |
$4.000 |
$2.738 |
|
Nashville |
$3.824 |
$3.829 |
$3.836 |
$4.060 |
$2.724 |
|
Click here to view current gasoline price averages |
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