Tennessee is the 7th Least Expensive market in the Nation
Nashville, TN – Tennessee gas prices are continuing their downward trend this week, falling 13 cents over last week. The Tennessee Gas Price average is now $2.84 which is nearly 47 cents less expensive than one month ago and 18 cents less than one year ago.
“Tennessee gas prices have fallen nearly 50 cents in the last month, and with continued downward pressure on pump prices, it’s likely this trend will continue as we get closer to the holidays,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group.
“This year, holiday road trippers are receiving the early gift of plunging prices at the pump, which makes that road trip a little less expensive than anticipated,” Cooper stated.
Quick Facts
- 86% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.49 for regular unleaded
- The highest 10% of pump prices are $3.22 for regular unleaded
- Tennessee is the 7th least expensive market in the nation
National Gas Prices
The national average pump price plunged 14 cents since last week to $3.26, six cents less than a year ago. There are now approximately 34 states with averages lower than last year.
According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d last week, approximately 605,000 b/d lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower.
Today’s national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by 44 cents to settle at $71.02. Crude prices softened last week due to a stronger dollar.
Additionally, crude prices were pushed down after the EIA reported that total domestic commercial crude stocks fell by 5.2 million bbl, a lower amount than the market expected. The domestic commercial crude supply is 19 million bbl lower than the beginning of December 2021.
For this week, crude prices could slide if the market continues to worry that global oil demand will stagnate or decline into 2023, especially in China, due to rising coronavirus infection rates.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Knoxville ($3.00), Morristown ($3.00), Memphis ($2.96)
- Least expensive metro markets – Clarksville ($2.71), Cleveland ($2.72), Nashville ($2.74)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$2.849 |
$2.868 |
$2.983 |
$3.315 |
$3.033 |
|
Chattanooga |
$2.790 |
$2.808 |
$2.926 |
$3.287 |
$2.988 |
|
Knoxville |
$3.009 |
$3.022 |
$3.119 |
$3.279 |
$3.039 |
|
Memphis |
$2.967 |
$2.982 |
$3.080 |
$3.354 |
$3.088 |
|
Nashville |
$2.748 |
$2.768 |
$2.894 |
$3.343 |
$3.045 |
|
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.
For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.
