Tennessee now the Third Least Expensive Market in the Nation
Nashville, TN – Gas prices across the state fell seven cents, on average, over last week. The Tennessee Gas Price average is now $2.68 which is eight cents less expensive than one month ago and 40 cents less than one year ago.
“Crude oil prices fluctuated lower over last week, which likely helped contribute to the welcome break in pump prices across the state,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “As we head into the spring break travel period, increased gasoline demand is likely to place upward pressure on our pump prices. For now, drivers can enjoy the fact that Tennessee is the third least expensive market in the nation for gas prices.”
National Gas Prices
The national average for a gallon of gas dropped a penny since last week to $3.11 thanks in part to softer oil prices. Some drivers could see fluctuations at the pump due to markets and retailers reacting to news of tariffs and the transition to summer-grade gasoline, which is more expensive to produce.
According to new data from the Energy Information Administration (EIA), gasoline demand increased from 8.45 b/d last week to 8.87. Total domestic gasoline supply decreased from 248.3 million barrels to 246.8. Gasoline production increased last week, averaging 9.6 million barrels per day.
Today’s national average for a gallon of gas is $3.08, five cents lower than a month ago and 31 cents lower than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI dropped $1.95 to settle at $66.31 a barrel. The EIA reports that crude oil inventories increased by 3.6 million barrels from the previous week. At 433.8 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 – Jackson ($2.78), Johnson City ($2.77), Memphis ($2.74)
- Least expensive metro markets – Chattanooga ($2.53), Clarksville ($2.60), Cleveland ($2.61)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.687 | $2.683 | $2.754 | $2.766 | $3.081 |
| Chattanooga | $2.539 | $2.539 | $2.653 | $2.666 | $3.035 |
| Knoxville | $2.711 | $2.712 | $2.753 | $2.793 | $3.045 |
| Memphis | $2.741 | $2.744 | $2.777 | $2.802 | $3.077 |
| Nashville | $2.691 | $2.673 | $2.783 | $2.760 | $3.129 |
| Click here to view current gasoline price averages | |||||
