Tennessee drops to 6th least expensive market in the nation
Nashville, TN – Gas prices across the state rose two cents, on average, over last week. The Tennessee Gas Price average is now $2.75 which is 10 cents less expensive than one month ago but three cents more than one year ago.
“Tennessee gas prices fluctuated higher over last week, but shifted lower over the weekend,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Barring any major changes in the overall market, gas prices should stay in a familiar range in the short term, which is good news for those planning a fall break road trip.”
National Gas Prices
Stability is the name of the game to start October with the national average for a gallon of regular the same as it was one week ago at $3.13. Tis the season for lower gas prices as demand drops and gas stations make the switch to winter-blend gasoline which is cheaper to produce.
Crude oil supply remains robust as OPEC+ – a group of oil-producing countries – is likely to announce in the coming days another production increase in November. That surplus coupled with weaker demand is keeping pump prices down, even as some U.S. refineries are expected to go offline this month for seasonal maintenance.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.95 million b/d last week to 8.51 million. Total domestic gasoline supply increased from 216.6 million barrels to 220.7 million. Gasoline production decreased last week, averaging 9.3 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 59 cents to settle at $61.78 a barrel. The EIA reports crude oil inventories increased by 1.8 million barrels from the previous week. At 416.5 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 ($2.81), Nashville ($2.79), Memphis ($2.78)
- Least expensive metro markets – Clarksville ($2.66), Kingsport ($2.69), Morristown ($2.69)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.752 | $2.758 | $2.732 | $2.850 | $2.728 |
| Chattanooga | $2.718 | $2.725 | $2.623 | $2.839 | $2.639 |
| Knoxville | $2.745 | $2.749 | $2.746 | $2.862 | $2.743 |
| Memphis | $2.782 | $2.778 | $2.793 | $2.819 | $2.781 |
| Nashville | $2.798 | $2.808 | $2.765 | $2.924 | $2.743 |
| 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.
