24
September
2023
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Fall Six Cents

Tennessee has the sixth least expensive state gas price average in the country

NASHVILLE, Tenn., (September 25, 2023) — Gas prices have once again reversed course across the state and are now moving less expensive. On average, gas prices in Tennessee fell six cents over last week. The Tennessee Gas Price average is now $3.37 which is seven cents less expensive than one month ago but 19 cents more than one year ago.

"Falling gas prices is typically what we see this time of year, as the end of the summer driving season usually results in lower gasoline demand," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This year, the gradual seasonal decline in pump prices is being slowed by elevated oil costs that have been hovering around $90 per barrel."

Quick Facts

  • 22% of Tennessee gas stations have prices below $3.25
  • The lowest 10% of pump prices are $3.13 for regular unleaded
  • The highest 10% of pump prices are $3.73 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas hit what may be 2023's peak price of $3.88 last week, only to slide a few cents in remainder of the week. Today's average is $3.84 – four cents less than a week ago.

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.31 to 8.41 million b/d last week. Meanwhile, total domestic gasoline stocks declined slightly from 220.3 to 219.5 million bbl. Higher gas demand, amid tighter supply, has contributed to elevated pump prices, but oil remaining above $90 per barrel continues to steer the price increases seen by drivers.

Today's national average of $3.84 is two cents higher than one month ago and 13 cents more than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI decreased by 92 cents to settle at $90.28. Oil prices decreased last week due to ongoing market concerns that energy demand could be lowered if future interest rate increases tip the U.S. economy into a recession. Additionally, prices declined last week despite the EIA reporting that total commercial crude stocks decreased by 2.1 million bbl to 418.5 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 ($3.43), Jackson ($3.43), Memphis ($3.43)
  • Least expensive metro markets - Chattanooga ($3.30), Knoxville ($3.31), Morristown ($3.34)


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

$3.376

$3.381

$3.434

$3.430

$3.181

Chattanooga

$3.302

$3.319

$3.413

$3.375

$3.088

Knoxville

$3.316

$3.317

$3.338

$3.348

$3.207

Memphis

$3.432

$3.431

$3.448

$3.468

$3.281

Nashville

$3.438

$3.446

$3.517

$3.506

$3.141

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.