16
April
2023
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Rise 8 Cents

Tennessee moves to 10th least expensive market in nation

NASHVILLE, Tenn., (April 17, 2023) — Tennessee gas prices continue to rise for the fourth straight week. Pump prices across the state rose eight cents, on average, over last week. The Tennessee Gas Price average is now $3.38 which is 26 cents more expensive than one month ago but 46 cents less than one year ago.

"Higher crude oil prices are continuing to impact the prices that we see at the pump, " said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "The U.S. price of crude only rose 2% last week, but it was enough to reach a new 2023 high of $83.26 per barrel. Given this increase, it's likely that Tennesseans will continue to see pump prices fluctuate higher again this week."

Quick Facts

  • 18% 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 $3.69 for regular unleaded
  • Tennessee is the 10th least expensive market in the nation

National Gas Prices

The national average for a gallon of regular gasoline rose seven cents since last week to hit $3.67. The main culprit is the high cost of oil, gasoline's main ingredient, which is hovering in the low $80s per barrel. The national average has risen daily since March 29.

According to new data from the Energy Information Administration (EIA), gas demand decreased from 9.3 to 8.94 million b/d last week. Meanwhile, total domestic gasoline stocks dropped slightly by 400,000 bbl to 222.2 million bbl. Lower demand would typically push pump prices down; instead, elevated oil prices have pushed them higher. If oil prices continue to rise, pump prices will follow suit.

Today's national average of $3.67 is 22 cents more than a month ago but 41 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI increased by $1.73 to settle at $83.26. Oil prices increased late last week after the U.S. Labor Department said the U.S. Consumer Price Index rose 0.1% in March, a lower rise than the market expected. Additionally, the EIA reported that total domestic commercial crude inventories increased by 500,000 bbl to 470.5 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 - Cleveland ($3.50), Nashville ($3.49), Clarksville ($3.49)
  • Least expensive metro markets - Knoxville ($3.29), Kingsport ($3.30), Memphis ($3.31)


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

$3.383

$3.383

$3.308

$3.122

$3.847

Chattanooga

$3.361

$3.380

$3.310

$3.107

$3.775

Knoxville

$3.293

$3.292

$3.218

$3.069

$3.968

Memphis

$3.316

$3.306

$3.237

$3.136

$3.912

Nashville

$3.498

$3.502

$3.427

$3.191

$3.838

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.