30
April
2023
|
17:00 PM
America/Chicago

AAA: Tennessee Gas Prices Fall Nine Cents

Tennessee is the 6th least expensive market in the nation

NASHVILLE, Tenn., (May 1, 2023) — For the second week in a row the state gas price average is trending lower. Gas prices across Tennessee fell nine cents, on average, over last week. The Tennessee Gas Price average is now $3.22 which is only a penny more expensive than one month ago and 67 cents less than one year ago.

"Pump prices are trending lower thanks to a two-week streak of declines in crude oil pricing," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "It's likely Tennesseans will see additional decreases in pump pricing through this week. If crude oil prices fall further, it could mean that drivers will see even more discounted prices at the pump."

Quick Facts

  • 62% of Tennessee gas stations have prices below $3.25
  • The lowest 10% of pump prices are $2.96 for regular unleaded
  • The highest 10% of pump prices are $3.58 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation

National Gas Prices

A lower oil price is causing pump prices to fall, with the national average for a gallon of regular gasoline dropping a nickel since last week to hit $3.61.

According to new data from the Energy Information Administration (EIA), gas demand increased significantly from 8.52 to 9.51 million b/d last week. The spike in demand surprised market observers, but the estimate could be revised when EIA releases final demand measurements for April. Meanwhile, total domestic gasoline stocks decreased by 2.4 million bbl to 221.1 million bbl. Higher demand, alongside a decline in stocks, would typically push pump prices up; however, fluctuating oil prices have pushed them lower. If oil prices continue to decline, pump prices will likely follow suit.

Today's national average of $3.61 is 11 cents more than a month ago but 57 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI decreased by $2.77 to settle at $74.30. Oil prices fell last week amid ongoing market concerns that low consumer confidence could contribute to a recession this year. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories de-creased by 5.1 million bbl to 460.9 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 - Nashville ($3.27), Knoxville ($3.25), Jackson ($3.24)
  • Least expensive metro markets - Chattanooga ($3.07), Clarksville ($3.16), Cleveland ($3.19)


Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.223

$3.229

$3.317

$3.215

$3.897

Chattanooga

$3.078

$3.092

$3.192

$3.254

$3.827

Knoxville

$3.254

$3.259

$3.300

$3.148

$3.955

Memphis

$3.244

$3.244

$3.301

$3.153

$3.964

Nashville

$3.273

$3.278

$3.407

$3.318

$3.891

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 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.