Tennessee is the 4th least expensive market in the nation
Nashville, TN – Gas prices across Tennessee moved slightly lower over last week, falling three cents, on average. The Tennessee Gas Price average is now $2.73, which is 11 cents less expensive than one month ago and 53 cents less than one year ago.
“The ongoing geopolitical tensions in the Middle East are the likely cause of the increases we saw in crude oil prices over last week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “These higher oil prices could contribute to an uptick in pump prices over this week.”
National Gas Prices
Despite literal and figurative storm clouds here and abroad, the national average for a gallon of gas still fell by four cents from last week to $3.17. The devastation wrought by Hurricane Helene did little to impact gasoline supply, but it crushed demand in affected areas by destroying infrastructure and causing power outages.
Overseas, the ongoing tensions between Iran and Israel are fueling fears that a war could disrupt oil shipments through the Straits of Hormuz, a vital chokepoint for maritime traffic. This has led to oil prices creeping higher.
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.20 million b/d last week to 8.52. Meanwhile, total domestic gasoline stocks rose from 220.1 million barrels to 221.2, while gasoline production decreased last week, averaging 9.6 million barrels daily. Tepid gasoline demand and low oil costs will likely keep pump prices sliding.
Today’s national average for a gallon of gas is $3.17, 11 cents less than a month ago and 55 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose by 27 cents to settle at $70.10 a barrel. The EIA reports that crude oil inventories increased by 3.9 million barrels from the previous week. At 416.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Memphis ($2.79), Jackson ($2.78), Nashville ($2.76)
- Least expensive metro markets – Chattanooga ($2.64), Cleveland ($2.64), Clarksville ($2.65)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.736 | $2.728 | $2.761 | $2.844 | $3.266 |
| Chattanooga | $2.643 | $2.640 | $2.711 | $2.744 | $3.175 |
| Knoxville | $2.743 | $2.743 | $2.756 | $2.892 | $3.228 |
| Memphis | $2.792 | $2.782 | $2.784 | $2.910 | $3.322 |
| Nashville | $2.761 | $2.743 | $2.809 | $2.829 | $3.310 |
| 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 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 64 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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