19
March
2023
|
18:00 PM
America/Chicago

AAA: TN Gas Prices Fall 6 Cents

Tennessee is the 9th least expensive market in the nation

NASHVILLE, Tenn., (March 20, 2023) — After a moderate price hike heading into last week, gas prices across the state are once again trending lower and fell an average of six cents over last week. The Tennessee Gas Price average is now $3.09 which is a penny less expensive than one month ago and 95 cents less than one year ago.

"Gas prices are continuing to fluctuate across the state, but it's not all bad news for drivers. Significant losses in the oil market last week helped push pump prices lower across the state," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "Typically when we experience times of increased demand alongside tighter gasoline supplies we would expect pump prices to trend higher; however, lower crude oil prices seem to have mitigated this effect. Unless market fundamentals rebound this week, lower crude oil prices could likely be an indicator that pump prices will move lower again this week."

Quick Facts

  • 37% of Tennessee gas stations have prices below $3.00
  • The lowest 10% of pump prices are $2.87 for regular unleaded
  • The highest 10% of pump prices are $3.44 for regular unleaded
  • Tennessee is the 9th least expensive market in the nation

National Gas Prices

Despite the sour economic news roiling the stock and oil markets, the national average for a gallon of regular gasoline had a calm week, falling to $3.44. Meanwhile, the global oil price plunged into the low to mid $60 per barrel, a level not seen since August 2021.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.56 million to 8.59 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 2.1 million bbl to 236 million bbl last week. Typically, increased demand amid tighter supply would push pump prices higher; however, lower oil prices have countered this effect. If crude oil prices keep falling, drivers could see pump prices decline.

Today's national average of $3.44 is three cents more than a month ago but 81 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI decreased by $3.72 to settle at $67.61. Crude prices dropped last week amid rising market concern about the health of the global banking sector. Low confidence in the sector and fears that regulatory responses could tip the economy into a recession could push crude demand down alongside prices. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.6 million bbl to 480.1 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 ($3.14), Memphis ($3.12), Cleveland ($3.09)
  • Least expensive metro markets - Kingsport ($3.05), Chattanooga ($3.05), Knoxville ($3.06)


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

$3.096

$3.101

$3.155

$3.107

$4.043

Chattanooga

$3.057

$3.071

$3.183

$3.044

$4.008

Knoxville

$3.064

$3.066

$3.075

$3.101

$4.119

Memphis

$3.129

$3.128

$3.161

$3.169

$4.005

Nashville

$3.146

$3.156

$3.228

$3.148

$4.086

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.