Tennessee, still the third least expensive market in the nation
Nashville, TN – Gas prices across the state fell for the second week in a row, with the state gas price average falling seven cents over last week. The Tennessee Gas Price average is now $2.72 which is the same as one month ago and 57 cents less than one year ago.
“Crude oil prices fell even lower last week, which is likely contributing to the drops that we’ve seen at the gas pump,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Unless we see major changes in the crude oil market, it’s very likely the downward trend at the pump will continue this week.”
National Gas Prices
Prices at the pump are coming down even though this is the time of year when gas prices go up. Supply and demand are the main reason for the dip. After OPEC+ announced it’s increasing oil production next month by more than 400,000 barrels a day – much more than expected – the price of crude oil has been falling. Oversupply, coupled with tepid gasoline demand, is resulting in lower pump prices.
According to new data from the Energy Information Administration (EIA), gasoline demand decreased from 8.49 b/d last week to 8.42. Total domestic gasoline supply decreased from 237.6 million barrels to 236.0. Gasoline production decreased last week, averaging 8.9 million barrels per day.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.77 to settle at $62.35 a barrel. The EIA reports that crude oil inventories increased by 2.6 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets – Johnson City ($2.85), Jackson ($2.78), Memphis ($2.78)
- Least expensive metro markets – Cleveland ($2.57), Chattanooga ($2.61), Clarksville ($2.64)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday | Sunday | Week Ago | Month Ago | One Year Ago |
| Tennessee | $2.722 | $2.729 | $2.790 | $2.725 | $3.291 |
| Chattanooga | $2.612 | $2.624 | $2.709 | $2.659 | $3.267 |
| Knoxville | $2.743 | $2.749 | $2.797 | $2.697 | $3.299 |
| Memphis | $2.781 | $2.784 | $2.835 | $2.756 | $3.287 |
| Nashville | $2.721 | $2.730 | $2.804 | $2.768 | $3.352 |
| Click here to view current gasoline price averages | |||||
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.
