66.9 F
Clarksville
Tuesday, December 6, 2022
HomeNewsClarksville continues to have the Cheapest Gas Prices in Tennessee

Clarksville continues to have the Cheapest Gas Prices in Tennessee

Tennessee Gas Prices Fall Five Cents, Tennessee is the 5th Least Expensive Market in the Nation

AAANashville, TN – Tennessee gas prices continue to slowly decline, falling five cents on average over last week.

The Tennessee Gas Price average is now $3.17 which is 28 cents less expensive than one month ago and 28 cents more than one year ago.  

“While the national gas price average has reversed course and is now trending more expensive, gas prices here in Tennessee are still continuing to decline, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group.
 
“There’s still downward pressure on pump prices in the market, however, Hurricane Ian has the potential to influence the market later in the week. The good news for Tennesseans is that Tennessee’s gasoline is primarily provided by refineries in Texas and Louisiana, so it’s unlikely that the storm itself would cause local pump prices to spike,”  Cooper stated.

Quick Facts

  • 20% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.91 for regular unleaded 
  • The highest 10% of pump prices are $3.54 for regular unleaded
  • Tennessee is the 5th least expensive market in the nation

National Gas Prices

Gas prices rose a nickel over the past week, as the national average pump price hit $3.72. The main reason is higher regional prices on the West Coast and the Midwest due to refinery issues ranging from planned maintenance to a fire.

But low domestic demand as fewer drivers fuel up and much lower oil prices have helped to blunt some of the impact. On Friday, the price of oil slipped below $80.00 a barrel for the first time since January, primarily due to fears of a recession-led global economic slowdown.

Meanwhile, according to data from the Energy Information Administration (EIA), gas demand decreased from 8.49 million b/d to 8.32 million b/d last week.


Moreover, according to the EIA, total domestic gasoline stocks increased by 1.6 million bbl to 214.6 million bbl. Although gasoline demand has decreased, tight supply and fluctuating oil prices have increased the national average price. However, if gas demand remains low pump price increases will likely be minimal.

Today’s national average of $3.72 is 14 cents less than a month ago but 54 cents more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $4.75 to settle at $78.74. Crude prices reached a point not seen since early January 2022, as the market continues to worry that efforts by the Federal Reserve to curb inflation could lead to a recession. If a recession occurs, crude demand and prices would likely decline. For this week, crude prices could continue to decrease if recession fears persist.

Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased by 1.2 million bbl to 430.8 million bbl.

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


Tennessee Regional Prices 

  • Most expensive metro markets – Memphis ($3.28), Jackson ($3.27), Morristown ($3.25)
  • Least expensive metro markets – Clarksville ($3.03), Chattanooga ($3.08), Cleveland ($3.12) 

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.173

$3.181

$3.224

$3.458

$2.894

Chattanooga

$3.082

$3.088

$3.154

$3.369

$2.836

Knoxville

$3.199

$3.207

$3.253

$3.543

$2.873

Memphis

$3.287

$3.281

$3.301

$3.532

$2.936

Nashville

$3.133

$3.141

$3.214

$3.437

$2.937

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.

RELATED ARTICLES

Latest Articles