Tennessee is now the 7th least expensive market in the nation
Nashville, TN – Gas prices across the state moved a penny more expensive, on average, over last week. The Tennessee Gas Price average is now $2.67 which is nine cents less expensive than one month ago and 15 cents less than one year ago.
“Last week we saw our state gas price average jump four cents to $2.70, but by the end of the week, the state average had fallen four cents to $2.67,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group.
“Gas prices typically move lower through the winter months, because of colder weather, lower demand, and gasoline supply gains. Barring any major changes in the market, it’s likely drivers can expect to see cheaper prices at the pump heading into the holiday season,” Cooper stated.
National Gas Prices
The national average for a gallon of gas is closing in on the $3.00 mark, shedding three cents since last week to $3.01. It has been less than a dime away from $3 for over a month as the waffling decline has been agonizingly slow. The last time the national average was below $3.00 was May 11th, 2021.
According to new data from the Energy Information Administration (EIA), gasoline demand rose slightly from 8.50 million b/d last week to 8.73. Meanwhile, total domestic gasoline stocks rose slightly from 212.2 million barrels to 214.6, while gasoline production decreased last week, averaging 9.5 million barrels per day.
Today’s national average for a gallon of gas is $3.01, eight cents less than a month ago and 15 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell $1.40 to settle at $68.54 a barrel. The EIA reports that crude oil inventories decreased by 5.1 million barrels from the previous week. At 423.4 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($2.75), Johnson City ($2.73), Memphis ($2.71)
- Least expensive metro markets – Morristown ($2.60), Knoxville ($2.61), Chattanooga ($2.62)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.673 | $2.679 | $2.663 | $2.763 | $2.822 |
| Chattanooga | $2.629 | $2.638 | $2.573 | $2.742 | $2.667 |
| Knoxville | $2.612 | $2.617 | $2.631 | $2.683 | $2.805 |
| Memphis | $2.719 | $2.709 | $2.729 | $2.788 | $2.885 |
| Nashville | $2.716 | $2.726 | $2.683 | $2.822 | $2.848 |
| Click here to view current gasoline price averages | |||||
