Nashville, TN – AAA reports that gas prices across the state continued to fall over the last week, dropping six cents on average. The Tennessee Gas Price average is now $3.02 which is 24 cents less expensive than one month ago and 13 cents less than one year ago.
“Tennessee is now in its fifth week of gas price declines and we’re getting very close to dropping under the $3.00 per gallon mark. The last time our state gas price average fell below $3 was in February,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “If crude oil prices hold steady, it’s very likely that we’ll see our gas prices fall again this week.”
National Gas Prices
Gasoline prices took another trip south this week, falling nine cents since last Monday to $3.44. It marks the largest weekly drop of the year.
According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 b/d to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl. Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.
Today’s national average is $3.44,19 cents less than a month ago and 14 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose by 82 cents to settle at $74.07 a barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 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 – Jackson ($3.10), Morristown ($3.07), Memphis ($3.06)
- Least expensive metro markets – Chattanooga ($2.88), Clarksville ($2.97), Kingsport ($3.00)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$3.026 |
$3.034 |
$3.080 |
$3.265 |
$3.151 |
|
Chattanooga |
$2.880 |
$2.903 |
$2.900 |
$3.207 |
$3.093 |
|
Knoxville |
$3.029 |
$3.037 |
$3.095 |
$3.273 |
$3.143 |
|
Memphis |
$3.066 |
$3.062 |
$3.121 |
$3.250 |
$3.156 |
|
Nashville |
$3.045 |
$3.059 |
$3.099 |
$3.302 |
$3.202 |
|
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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