Nashville, TN – The Tennessee Gas Price average is now $2.77, which is one cent higher than last week, but four cents lower than a month ago and almost a quarter less than one year ago.
“Thanks to crude oil prices holding in the mid $60-s per barrel, gas prices are remaining relatively stable,” said Stephanie Milani, AAA-The Auto Club Group spokeswoman. “The cost of crude oil makes up nearly half of what drivers pay at the pump, so the stability in the crude market is keeping prices from moving too widely.”
National Gas Prices
Gas prices fluctuated slightly this past week with the national average for a gallon of regular decreasing by two cents to $3.13. Supply remains abundant, as OPEC + – a group of oil producing countries – recently announced it will be boosting production again next month, following several other increases this year.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 81 cents to settle at $64.35 a barrel. The EIA reports crude oil inventories decreased by 3 million barrels from the previous week. At 423.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.77 | $2.78 | $2.76 | $2.81 | $3.01 |
| Chattanooga | $2.72 | $2.74 | $2.66 | $2.78 | $2.90 |
| Knoxville | $2.73 | $2.73 | $2.74 | $2.76 | $2.97 |
| Memphis | $2.80 | $2.80 | $2.81 | $2.83 | $3.04 |
| Nashville | $2.83 | $2.83 | $2.81 | $2.86 | $3.04 |
| Click here to view current gasoline price averages | |||||
Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.
