Tennessee falls to the 9th least expensive state gas price average in the country
NASHVILLE, Tenn., (November 6, 2023) — Tennessee gas prices are once again trending less expensive. Over last week, prices at the pump fell eight cents, on average. The Tennessee Gas Price average is now $3.02 which is 26 cents less expensive than both one month and one year ago.
“Thanks to a drop in crude oil prices, the seasonal decline in driving demand, and strengthening gasoline supplies, Tennesseans are getting quite a bit of a break at the pump this week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “It’s likely that drivers will see the state gas price average fall below $3 per gallon this week. It’s also likely that these lower prices could stay through the holidays, unless oil prices suddenly spike, or there’s an unexpected disruption to fuel supplies.”
- 63% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.74 for regular unleaded
- The highest 10% of pump prices are $3.49 for regular unleaded
- Tennessee is the 9th least expensive market in the nation
National Gas Prices
The national average for a gallon of gas shaved off eight cents since last week, falling to $3.41. The primary reasons are flat demand at the pump and lower costs for oil.
According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 8.86 to 8.7 million b/d last week. Meanwhile, total domestic gasoline stocks remained flat at 223.5 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If the price of oil remains low, drivers can expect to see further price drops.
Today’s national average of $3.41 is 33 cents less than a month ago and 39 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 58 cents to settle at $80.44. Oil prices fell last week as the dollar strengthened after the U.S. Federal Reserve decided to hold off on another interest rate increase for now. Additionally, the EIA reported that total domestic commercial crude inventories increased by 800,000 bbl to 421.9 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.09), Morristown ($3.08), Nashville ($3.07)
- Least expensive metro markets – Chattanooga ($2.87), Cleveland ($2.93), Clarksville ($2.96)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
Monday Sunday Week Ago Month Ago One Year Ago Tennessee $3.025 $3.030 $3.101 $3.287 $3.287 Chattanooga $2.876 $2.889 $2.970 $3.199 $3.211 Knoxville $3.025 $3.032 $3.077 $3.244 $3.292 Memphis $3.075 $3.073 $3.115 $3.346 $3.375 Nashville $3.078 $3.086 $3.183 $3.336 $3.272 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.