Nashville, TN – Tennessee gas prices began to stabilize over last week, providing drivers with a small respite from additional increases at the pump ahead of Memorial Day weekend.
Even with a bit of stabilization, drivers still paid the highest gas prices ever recorded for Memorial Day this year. The Tennessee Gas Price average is now $4.28 which is nearly 39 cents more expensive than one month ago and $1.41 more than one year ago.
“Crude oil prices surged to $115.00 per barrel last week alongside a further tightening of domestic supplies. Renewed upward pressure on pump prices likely means additional increases in pump prices for drivers in the next couple of weeks,” Cooper stated.
Quick Facts
- 45% of Tennessee gas stations have prices below $4.25
- The lowest 10% of pump prices are $4.08 for regular unleaded
- The highest 10% of pump prices are $4.57 for regular unleaded
National Gas Prices
A dip in gasoline demand provided drivers with a bit of stability at the pump, as the national average for a gallon rose less than three cents over the past week to reach $4.62. But this respite could be brief. Crude oil has moved above $115 a barrel due to fears of further global supply constraints caused by a European Union (EU) ban on Russian oil exports.
And domestic gas demand may again start to climb as drivers fuel up for the three-month-long summer travel season, which began this Memorial Day weekend. AAA forecast nearly 35 million travelers hit the road for Memorial Day. It’s the highest number since 2019, despite record prices at the gas pump.
According to Energy Information Administration (EIA) data, total domestic gasoline stocks decreased by 500,000 bbl to 219.7 million bbl last week. Gasoline demand also dipped from 9 million b/d to 8.8 million b/d, approximately 700,000 b/d lower than a year ago.
The softening of gas demand helped minimize price increases ahead of Memorial Day. However, gas demand may spike this week after drivers took to the roads for the holiday. But pump price increases could be limited if demand slows again following the holiday weekend.
Today’s national average for a gallon of gas is $4.62, which is 45 cents more than a month ago, and $1.58 more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI increased by 98 cents to settle at $115.07. Crude prices rallied at the end of last week following news that the EU was seeking unanimous support of all 27 member countries to impose a ban on Russian oil later this year.
Yesterday, EU leaders announced they will ban 90 percent of Russian oil imports by the end of 2022. Crude prices also increased last week after EIA reported that domestic crude supply decreased by 1 million bbl to 419.8 million bbl. The current level is approximately 13.3 percent lower than during the third week of May 2021. Crude prices could rise again this week if EIA’s next report shows total domestic supply remains tight.
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 – Johnson City ($4.37), Jackson ($4.34), Kingsport ($4.33)
- Least expensive metro markets – Chattanooga ($4.21), Knoxville ($4.24), Cleveland ($4.25)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$4.278 |
$4.274 |
$4.285 |
$3.891 |
$2.866 |
|
Chattanooga |
$4.205 |
$4.205 |
$4.252 |
$3.832 |
$2.782 |
|
Knoxville |
$4.244 |
$4.242 |
$4.244 |
$3.949 |
$2.876 |
|
Memphis |
$4.316 |
$4.308 |
$4.316 |
$3.953 |
$2.889 |
|
Nashville |
$4.292 |
$4.294 |
$4.313 |
$3.891 |
$2.873 |
|
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 13 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.
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