Tennessee has the 9th least expensive state gas price average in the country
NASHVILLE, Tenn., (November 13, 2023) — For the first time since January, the state gas price average has fallen below $3 per gallon. Gas prices across the state fell seven cents, on average, over last week. The Tennessee Gas Price average is now $2.95 which is 22 cents less expensive than one month ago and 35 cents less than one year ago.
“Drivers are now finding the cheapest prices at the pump in ten months, and thanks to falling crude oil prices, this downward trend is likely to continue through the holidays,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Right now, all but three of Tennessee’s metro areas have metro gas price averages below $3 per gallon. It’s very likely the remaining three metros will fall below the $3 per gallon mark this week.”
- 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 9th least expensive market in the nation
National Gas Prices
The national average for a gallon of gas dropped five cents since last week to $3.36. However, the steady, if slow, decline may gain speed after recent drops in the price of oil. Parked in the mid-$80s per barrel two weeks ago, oil is now hovering around the mid-$70s. Since it is the main ingredient in gasoline, less expensive oil usually leads to falling gas prices.
Last week, the Energy Information Administration (EIA) delayed its scheduled data releases, including its weekly estimates of gasoline supply and demand, to complete a planned systems upgrade. The EIA will resume its regular publishing schedule this week. However, given how the national average declined last week, gas demand has likely remained flat or dipped, contributing to lower pump prices and falling oil prices.
Today’s national average of $3.36 is 26 cents less than a month ago and 41 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by $2.04 to settle at $75.33. Oil prices fell last week due to a stronger dollar and 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.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Morristown ($3.04), Memphis ($3.02), Jackson ($3.01)
- Least expensive metro markets – Chattanooga ($2.77), Cleveland ($2.81), Clarksville ($2.84)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
Monday Sunday Week Ago Month Ago One Year Ago Tennessee $2.955 $2.960 $3.025 $3.175 $3.308 Chattanooga $2.772 $2.794 $2.876 $3.062 $3.281 Knoxville $2.997 $2.980 $3.025 $3.173 $3.273 Memphis $3.020 $3.016 $3.075 $3.231 $3.351 Nashville $2.990 $2.997 $3.078 $3.197 $3.336 Click here to view current gasoline price averages
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. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.