Tennessee is now the 4th least expensive market in the nation
Nashville, TN – Gas prices continued to decline across the state last week, falling seven cents, on average. The Tennessee Gas Price average is now $2.71 which is a penny less expensive than one month ago and 32 cents less than one year ago.
“Right now we are experiencing the gradual seasonal decline at the pump that we would typically expect to see this time of year,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Tennesseans are paying 32 cents less at the gas pump than they were a year ago. A seasonal decline in gasoline demand alongside recent dips in crude oil prices will likely help keep prices at the pump low in the short term.”
National Gas Prices
The national average for a gallon of gas dipped by three cents since last week to $3.10. Low oil costs and tepid domestic gasoline demand are the primary reasons.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.83 million b/d last week to 9.15. Meanwhile, total domestic gasoline stocks fell from 213.6 million barrels to 210.9, while gasoline production decreased last week, averaging 9.7 million barrels daily.
Today’s national average for a gallon of gas is $3.10, eight cents less than a month ago and 32 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose by $1.40 to settle at $68.61 a barrel. The EIA reports that crude oil inventories decreased by 0.5 million barrels from the previous week. At 425.5 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 – Johnson City ($2.82), Jackson ($2.78), Memphis ($2.76)
- Least expensive metro markets – Chattanooga ($2.62), Clarksville ($2.65), Cleveland ($2.67)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.717 | $2.720 | $2.785 | $2.724 | $3.035 |
| Chattanooga | $2.626 | $2.644 | $2.731 | $2.638 | $2.904 |
| Knoxville | $2.701 | $2.699 | $2.728 | $2.741 | $3.036 |
| Memphis | $2.769 | $2.767 | $2.808 | $2.764 | $3.078 |
| Nashville | $2.728 | $2.729 | $2.828 | $2.743 | $3.090 |
| Click here to view current gasoline price averages | |||||
