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HomeNewsTennessee Gas Prices drop another 18 cents

Tennessee Gas Prices drop another 18 cents

Clarksville has the Third Cheapest Gas Prices in Tennessee

Tennessee is the 7th least expensive market in the nation

AAANashville, TN – The downward trend at the gas pump continues as Tennessee is headed into its fifth straight week of declines. Gas prices fell, on average, 18 cents over last week – the biggest weekly decline so far this year. 

The Tennessee Gas Price average is now $4.10 which is 50 cents less expensive than one month ago and $1.22 more than one year ago.  

“Tennesseans are now seeing the cheapest prices at the pump in 10 weeks and it’s likely that prices will move even lower this week, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group.
 
“While the oil market still remains volatile, significant drops in crude oil prices over the last few weeks alongside a steep decline in domestic gasoline demand are paving way for cheaper prices at the gas pump,” Cooper stated.

Quick Facts

  • 41% of Tennessee gas stations have prices below $4.00 
  • The lowest 10% of pump prices are $3.74 for regular unleaded 
  • The highest 10% of pump prices are $4.52 for regular unleaded
  • Tennessee is the 7th least expensive market in the nation 

National Gas Prices

The national average for a gallon of gas fell 15 cents since last week to $4.52. The steady decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is in the mid-$90s, down from around $110 two weeks ago.

According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million b/d to 8.06 million b/d last week, while total domestic gas stocks increased by 5.8 million bbl. The decrease in demand and declining oil prices have helped push pump prices down. As these supply/demand dynamics hold, drivers will likely continue to see price relief at the pump.

Today’s national average of $4.52 is 46 cents less than a month ago and $1.36 more than a year ago.


National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by $1.81 to settle at $97.57. Crude prices increased slightly at the end of the week due to the market expecting crude supply to remain tight throughout summer.

The tightening of supply is being driven by the potential for slower economic growth due to rising interest rates and inflation. Declining crude demand, due to reduced economic activity, could lead prices to follow suit. For this week, crude prices could rise if the market continues to believe supply will remain tight.

Additionally, EIA reported that total domestic crude stocks increased by 3.3 million bbl to 427.1 million bbl last week, which is nearly 11 million bbl lower than the storage level last year. 

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices 

  • Most expensive metro markets – Knoxville ($4.29), Morristown ($4.24), Memphis ($4.20)
  • Least expensive metro markets – Cleveland ($3.89), Chattanooga ($3.99), Clarksville ($3.99)

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

$4.109

$4.127

$4.289

$4.609

2.886

Chattanooga

$3.990

$4.006

$4.158

$4.536

$2.817

Knoxville

$4.292

$4.308

$4.440

$4.592

$2.886

Memphis

$4.202

$4.224

$4.392

$4.628

$2.943

Nashville

$4.083

$4.101

$4.291

$4.641

$2.891

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 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.

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

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