26
December
2022
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Begin to Stabilize

Tennessee is the 7th least expensive market in the nation

NASHVILLE, Tenn., (December 27, 2022) — Gas prices across the state are now starting to show signs of stabilization. Today's gas price average is only a penny cheaper than last week. The Tennessee Gas Price average is now $2.73 which is nearly 38 cents less expensive than one month ago and 25 cents less than one year ago.

"Falling gas prices early last week gave way to some slight fluctuation in prices over the weekend, " said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This could be a sign that Tennessee gas prices are beginning to stabilize. Over last week our metro areas saw a wide range of fluctuation, and it's likely that fluctuation will continue through the end of the year."

On Christmas Day, the Tennessee gas price average was $2.73 per gallon, 26 cents cheaper than what travelers paid in 2021.

Quick Facts

  • 54% of Tennessee gas stations have prices below $2.75
  • The lowest 10% of pump prices are $2.39 for regular unleaded
  • The highest 10% of pump prices are $3.10 for regular unleaded
  • Tennessee is the 7th least expensive market in the nation

National Oil Market Dynamics

At the close of last Wednesday's formal trading session, WTI increased by $2.06 to settle at $78.29. Crude prices have increased this week after the EIA reported that total domestic commercial crude stocks decreased substantially by 5.9 million bbl to 418.2 million bbl last week. The drawdown signals that oil demand may continue to rise despite ongoing market concerns that a recession or slowdown could occur next year. If economic growth falters, crude demand will likely drop alongside prices.

Tennessee Regional Prices

  • Most expensive metro markets - Memphis ($2.86), Morristown ($2.85), Jackson ($2.83)
  • Least expensive metro markets - Clarksville ($2.60), Cleveland ($2.60), Chattanooga ($2.64)


Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

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Tuesday

Monday

Week Ago

Month Ago

One Year Ago

Tennessee

$2.737

$2.731

$2.740

$3.115

$2.989

Chattanooga

$2.642

$2.640

$2.687

$3.052

$2.946

Knoxville

$2.828

$2.828

$2.872

$3.190

$3.000

Memphis

$2.867

$2.856

$2.845

$3.178

$3.077

Nashville

$2.668

$2.666

$2.643

$3.076

$3.002

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.