Tennessee is the 4th least expensive market in the nation
Nashville, TN – Gas prices across the state have now declined for the fourth straight week. Over last week, gas prices fell nine cents, on average.The Tennessee Gas Price average is now $3.08 which is 25 cents less expensive than one month ago and 11 cents less than one year ago.
“We’re now in our fourth straight week of gas price declines, and Tennessee has the fourth least expensive state gas price average in the country,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Lower gasoline demand and falling crude oil prices are helping to push pump prices lower. It’s likely that we’ll see our state gas price average move lower again this week.”
“The Atlantic Hurricane Season began June 1st and is expected to be very active, so moving forward all eyes will be on the weather and its potential impact on gas prices. A storm impacting the Gulf Coast oil production and refining centers could temporarily push prices higher,” Cooper stated.
National Gas Prices
The national average for a gallon of gasoline has fallen by six cents since last week to $3.53, the largest one-week drop thus far for 2024. The primary reasons are tepid demand and a lower oil price.
According to new data from the Energy Information Administration (EIA), gas demand fell slightly from 9.31 b/d to 9.14 last week. Meanwhile, total domestic gasoline stocks rose from 226.8 to 228.8 million bbl. Lower gasoline demand, increasing supply, and falling oil costs could lead to pump price decreases.
Today’s national average is $3.53, thirteen cents less than a month ago and two cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI declined by 60 cents to settle at $79.23 a barrel. Prices fell despite the EIA reporting that crude oil inventories decreased by 4.2 million barrels from the previous week. At 454.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Morristown ($3.15), Jackson ($3.13), Memphis ($3.12)
- Least expensive metro markets – Chattanooga ($2.90), Cleveland ($3.03), Clarksville ($3.04)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$3.080 |
$3.089 |
$3.171 |
$3.337 |
$3.193 |
|
Chattanooga |
$2.900 |
$2.909 |
$3.038 |
$3.347 |
$3.181 |
|
Knoxville |
$3.095 |
$3.106 |
$3.154 |
$3.316 |
$3.167 |
|
Memphis |
$3.121 |
$3.128 |
$3.178 |
$3.278 |
$3.166 |
|
Nashville |
$3.099 |
$3.102 |
$3.220 |
$3.413 |
$3.280 |
|
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 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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