Gas prices continue to fall across the state, falling four cents, on average, over last week. The Tennessee Gas Price average is now $2.56 which is four cents less expensive than one month ago and 11 cents less than one year ago.
“Tennessee drivers continue to see prices drop at the pump,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Barring any major changes in the overall market, this trend is likely to continue through the end of the year thanks to weaker demand and lower crude oil prices.”
National Gas Prices
The national average for a gallon of regular gasoline hit a milestone last week when it dipped below $3 a gallon for the first time in 4 years. Since Tuesday, the national average has dropped to $2.95. The last time the national average reached an even $3.00 or below was in May of 2021. Crude oil prices remain on the lower side around $60 a barrel. Sluggish gas demand and cheaper-to-produce winter blend gasoline are also contributing to the drop at the pump.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 31 cents to settle at $58.95 a barrel. The EIA reports crude oil inventories increased by 0.6 million barrels from the previous week. At 427.5 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($2.64), Memphis ($2.61), Nashville ($2.59)
- Least expensive metro markets – Clarksville ($2.46), Chattanooga ($2.46), Cleveland ($2.49)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$2.564 |
$2.557 |
$2.607 |
$2.603 |
$2.679 |
|
Chattanooga |
$2.465 |
$2.451 |
$2.512 |
$2.507 |
$2.638 |
|
Knoxville |
$2.544 |
$2.553 |
$2.584 |
$2.576 |
$2.617 |
|
Memphis |
$2.611 |
$2.610 |
$2.641 |
$2.640 |
$2.709 |
|
Nashville |
$2.598 |
$2.576 |
$2.651 |
$2.636 |
$2.726 |
|
Click here to view current gasoline price averages |
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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.
About AAA – The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 65 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on social media.
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