Tennessee Gas Prices Fall Ahead of Thanksgiving
November 22, 2022
Tennessee is the 7th least expensive market in the nation
Nashville, TN – Gas prices across Tennessee continue to decline as 1.2 million Tennesseans prepare to hit the road for Thanksgiving. Over last week, gas prices fell, on average, nine cents.
The Tennessee Gas Price average is now $3.20 which is 13 cents less expensive than one month ago and eight cents more than one year ago.
Earlier this month, it looked like Tennessee gas prices could test record highs, however, with the recent drop in pump prices, it looks like prices may steer clear of record-high levels.
Tennessee Gas Price Average drops Four Cents
November 12, 2022
Nashville, TN – After jumping up slightly on Halloween weekend, pump prices across Tennessee have since shifted lower.
The Tennessee Gas Price average is now $3.28 which is eight cents more expensive than one month ago and 13 cents more than one year ago.
Tennessee Gas Prices drop Six Cents
October 24, 2022
Tennessee is the 6th least expensive market in the nation
Nashville, TN – Gas prices across Tennessee fell for the second week in a row, dropping six cents, on average, over last week. The Tennessee Gas Price average is now $3.31 which is nearly 13 cents more expensive than one month ago and 15 cents more than one year ago.
“Relatively steady oil prices alongside continued lingering fears of an economic recession are helping to keep downward pressure on pump prices,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “The downward trend is likely to continue this week, making pump prices a little less scary as we head in Halloween.”
Gas Demand Declines as Recession Fears Weigh Down Oil Market Expectations
October 20, 2022
Washington, D.C. – Fears of a global economic recession led to a major drop in the price of crude, down $7.00, which helped to minimize pump price increases last week.
Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million b/d to 8.28 million b/d, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl.
Tennessee Gas Prices Fall Two Cents
October 18, 2022
Nashville, TN – After last week’s dramatic jump in pump prices, gas prices across Tennessee have reversed course and fell, on average, two cents over the course of last week.
The Tennessee Gas Price average is now $3.37 which is nearly 14 cents more expensive than one month ago and 27 cents more than one year ago.
“Pump price increases were minimized last week due to lingering fears of a global economic recession which helped pulled crude oil prices lower,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group.
“It’s likely that Tennessee gas prices will continue to fluctuate this week, however, it does seem like Tennesseans can expect pump prices to trend slightly lower overall, especially if gasoline demand remains low and crude oil prices hold steady or decline,” Cooper stated.
Quick Facts
- 18% of Tennessee gas stations have prices below $3.25
- The lowest 10% of pump prices are $3.18 for regular unleaded
- The highest 10% of pump prices are $3.70 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
National Gas Prices
Fears of a global economic recession led to a major drop in the price of crude, down $7, which helped to minimize pump price increases last week. Meanwhile, domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million b/d to 8.28 million b/d, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl.
Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop coupled with a slide in oil prices, drivers could see increases in prices at the pump start to slow and even come down through the week.
The national average pump price for a gallon of gas decreased three cents over the past week to hit $3.88. Today’s national average of $3.88 is 20 cents higher than a month ago and 56 cents more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $3.50 to settle at $85.61. Crude prices decreased last week as global economic fears pulled crude prices lower.
For this week, crude prices could continue to weaken as interest rates rise globally, which could lead to a recession. If a recession occurs, crude prices would likely reduce alongside demand.
Additionally, EIA’s latest weekly report showed that total commercial crude inventories increased by 9.9 million bbl to 439.1 million bbl.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Jackson ($3.46), Memphis ($3.45), Knoxville ($3.38)
- Least expensive metro markets – Cleveland ($3.30), Chattanooga ($3.31), Johnson City ($3.32)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
Week Ago |
Month Ago |
One Year Ago |
|
Tennessee |
$3.377 |
$3.383 |
$3.399 |
$3.241 |
$3.103 |
|
Chattanooga |
$3.313 |
$3.329 |
$3.357 |
$3.177 |
$3.102 |
|
Knoxville |
$3.385 |
$3.387 |
$3.391 |
$3.272 |
$3.098 |
|
Memphis |
$3.456 |
$3.455 |
$3.451 |
$3.307 |
$3.093 |
|
Nashville |
$3.381 |
$3.387 |
$3.422 |
$3.233 |
$3.148 |
|
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, 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 62 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.
Tennessee Gas Prices creep up One Cent
October 5, 2022
Nashville, TN – The downward trend in Tennessee pump prices came to an end last week. The state gas price average increased slightly at the end of last week, likely due to the uncertainty surrounding the threat of Hurricane Ian, but then drifted lower over the weekend.
Today’s gas price average is only a penny more expensive than last Monday’s average. The Tennessee Gas Price average is now $3.18 which is nearly 21 cents less expensive than one month ago and nearly 29 more than one year ago.
Tennessee Gas Prices Fall Nearly 11 Cents
September 12, 2022
Nashville, TN – Tennessee gas prices continued their downward trend last week, falling nearly 11 cents, on average. The Tennessee Gas Price average is now $3.26 which is nearly 27 cents less expensive than one month ago and 37 cents more than one year ago.
“Gas prices across the state are now on a two-week streak of declines and have reached seven month lows,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “The oil market finished flat last week, which should help to push pump prices lower this week.”
National Gas Price Average drops Seven Cents
September 6, 2022
Washington, D.C. – Lower oil prices, modest domestic gasoline demand, and a quiet hurricane season are combining to drive pump prices lower. The national average for a gallon of gas fell seven cents in the past week to $3.77.
“According to weather analysts, it’s the first time in 25 years that a named Atlantic storm did not develop in August. That’s the good news,” said Andrew Gross, AAA spokesperson, “but we still have another month of peak hurricane season, and these storms can affect gas prices by disrupting oil production and refining.”
COVID-19 Omicron Variant concerns cause Gas Price Drop
December 27, 2021
Nashville, TN – Tennessee gas prices fell another 1.5 cents this week bringing the Tennessee Gas Price average to $2.99. Prices are now one cent cheaper than last month, but still 95 cents more than this time last year.
Across the nation, gasoline prices fluctuated over the past few days as fears of an omicron-driven economic slowdown were countered by news of a severe fire at a major oil refinery.
Fears of omicron-driven economic slowdown countered by news of a severe fire at major oil refinery. (AAA)
Gas Prices continue Slow Decline
December 13, 2021
Washington, D.C. – AAA reports pump prices continue their slow seasonal descent, despite a slight rebound in oil prices due to waning fears of a global slowdown caused by the COVID-19 omicron variant.
The national average for a gallon of gas fell two cents on the week to $3.33.
