Tennessee falls to the 10th least expensive market in the nation
Nashville, TN – After fluctuating a few cents higher in the middle of last week, Tennessee gas prices are once again moving less expensive ahead of Thanksgiving. Today’s state gas price average is two cents cheaper than last Monday’s.
The Tennessee Gas Price average is now $2.93 which is 17 cents less expensive than one month ago and 28 cents less than one year ago.
“Even though we saw some slight fluctuation in our gas prices last week, gas prices are now moving less expensive – which is great news for the 1.2 million Tennesseans expected to take a holiday road trip over Thanksgiving,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Drivers will likely see the cheapest prices at the pump for Thanksgiving since 2020.”
Thanksgiving Holiday Travel
Most Thanksgiving travelers will drive to their destinations. AAA predicts 1.2 million Tennesseans will take a road trip of 50 miles or more. That’s over 28,000 more Tennessee drivers (+2.3%) than last year.
Last Thanksgiving, the Tennessee state average for gasoline was $3.16 per gallon. Today’s state gas price average of $2.93 is 23 cents less than what drivers were paying last Thanksgiving. Drivers will likely see the lowest prices at the pump for Thanksgiving since 2020 when gas prices were $1.89 per gallon in Tennessee.
Click here for the full 2023 Thanksgiving Travel Forecast.
Quick Facts
- 77% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.65 for regular unleaded
- The highest 10% of pump prices are $3.43 for regular unleaded
- Tennessee is the 10th least expensive market in the nation
National Gas Prices
With Thanksgiving fast approaching, the national average for a gallon of gas is steadily declining. Since last week, pump prices have fallen six cents to $3.30. Since the price peak in 2023, the national average has either fallen or remained flat for more than 60 days straight.
According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.49 to 8.95 million b/d last week. The EIA’s estimate for demand is unusually high for early November, but when the EIA releases monthly demand data in a few weeks, it could revise it lower.
Meanwhile, total domestic gasoline stocks decreased by 1.5 million bbl to 215.7 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If gas demand and the cost of oil remain low, drivers can expect further pump price drops ahead of Thanksgiving.
Today’s national average of $3.30 is 25 cents less than a month ago and 37 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $1.60 to settle at $76.66. Oil prices fell last week due to reduced market concerns that the conflict in the Middle East will escalate, which could lead to a reduction in regional oil production and higher prices.
Additionally, the EIA reported that total domestic commercial crude inventories increased by 3.6 million bbl to 439.4 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Morristown ($3.00), Nashville ($2.99), Jackson ($2.97)
- Least expensive metro markets – Chattanooga ($2.75), Clarksville ($2.87), Kingsport ($2.90)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$2.933 |
$2.941 |
$2.955 |
$3.106 |
$3.219 |
|
Chattanooga |
$2.753 |
$2.775 |
$2.772 |
$2.977 |
$3.159 |
|
Knoxville |
$2.934 |
$2.937 |
$2.977 |
$3.128 |
$3.240 |
|
Memphis |
$2.964 |
$2.966 |
$3.020 |
$3.164 |
$3.287 |
|
Nashville |
$2.991 |
$2.998 |
$2.990 |
$3.120 |
$3.209 |
|
Click here to view current gasoline price averages |
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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, the province of Quebec, 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 64 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety.
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