NASHVILLE, Tenn.,
16
January
2024
|
14:35 PM
America/Chicago

AAA: TN Gas Prices Fall Two Cents

Tennessee is the 9th least expensive market in the nation

NASHVILLE, Tenn., (January 16, 2024) — Tennessee gas prices saw a bit of fluctuation over last week, however, we're still starting the week two cents cheaper than last week. The Tennessee Gas Price average is now $2.72 which is four cents less expensive than one month ago and 25 cents less than one year ago.  

"We're still seeing some fluctuation in gas prices across the state, but thankfully, gas prices are continuing to stay cheaper than what we were seeing at this time last year," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This week, if crude oil prices continue to drop and gasoline demand stays low it's likely we'll continue to see the prices at the pump trend less expensive." 

Quick Facts

  • 65% of Tennessee gas stations have prices below $2.75 
  • The lowest 10% of pump prices are $2.49 for regular unleaded 
  • The highest 10% of pump prices are $3.04 for regular unleaded
  • Tennessee is the 9th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas remains unchanged since last week and still sits at  $3.07.  The primary reason appears to be rather humdrum numbers for the cost of oil and gasoline demand.

According to new data from the Energy Information Administration (EIA), gas demand increased from 7.95 to 8.33 million b/d last week. Meanwhile, total domestic gasoline stocks increased significantly by 8 million bbl to 245 million bbl. The slight uptick in demand has limited pump price drops, causing the national average to stagnate. However, if oil prices continue to drop, drivers could continue to see pump prices trickle lower.

Today’s national average of $3.07 is the same as one month ago and 23 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by 87 cents to settle at $71.37. Oil prices eased last week after the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 432.4 million bbl. Rising stocks signal that demand could be softening, helping to push prices down as the nation settles into winter.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.           

Tennessee Regional Prices 

  • Most expensive metro markets - Jackson ($2.83), Memphis ($2.80), Johnson City ($2.78) 
  • Least expensive metro markets - Knoxville ($2.66), Chattanooga ($2.67), Morristown ($2.68) 


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

$2.724

$2.725

$2.746

$2.768

$2.972

Chattanooga

$2.675

$2.675

$2.715

$2.655

$2.887

Knoxville

$2.662

$2.661

$2.689

$2.745

$2.994

Memphis

$2.804

$2.804

$2.809

$2.828

$3.028

Nashville

$2.734

$2.743

$2.788

$2.802

$2.948

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 64 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.