Tennessee falls to the 10th least expensive market in the nation
Nashville, TN – Gas prices across the state reversed course and surged 12 cents higher over last week. The Tennessee Gas Price average is now $2.85 which is 10 cents more expensive than one month ago but 30 cents less than one year ago.
“We’re likely seeing the effects of crude oil prices wobbling higher in the form of gas price increases across the state,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “However, even with the increases we saw over last week, we’re still seeing prices 30 cents less expensive than we were at this time last year.”
National Gas Prices
The national average for a gallon of gas popped three pennies higher to $3.20 since last week as large swaths of the country deal with severe back-to-back storm damage. Like Hurricane Helene, Milton will not severely impact national gasoline supplies but will affect demand in areas with destroyed infrastructure, flooded roads, and power outages.
According to new data from the Energy Information Administration (EIA), gas demand surged from 8.52 million b/d last week to 9.65. Meanwhile, total domestic gasoline stocks plunged from 221.2 million barrels to 214.9, while gasoline production increased last week, averaging 10.2 million barrels daily.
Today’s national average for a gallon of gas is $3.20, a penny less than a month ago and 40 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell by 33 cents to settle at $73.24 a barrel. The EIA reports that crude oil inventories increased by 5.8 million barrels from the previous week. At 422.7 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 – Nashville ($2.92), Jackson ($2.89), Clarksville ($2.89)
- Least expensive metro markets – Morristown ($2.74), Knoxville ($2.76), Kingsport ($2.82)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.854 | $2.858 | $2.736 | $2.758 | $3.158 |
| Chattanooga | $2.825 | $2.850 | $2.643 | $2.605 | $3.049 |
| Knoxville | $2.764 | $2.766 | $2.743 | $2.825 | $3.164 |
| Memphis | $2.849 | $2.851 | $2.792 | $2.829 | $3.213 |
| Nashville | $2.929 | $2.935 | $2.761 | $2.738 | $3.178 |
| Click here to view current gasoline price averages | |||||
