30
October
2022
|
18:00 PM
America/Chicago

AAA: TN Gas Prices Rise a Penny

Tennessee fell to the eight least expensive market in the nation

NASHVILLE, Tenn., (October 31, 2022) — Drivers will see just slightly spookier gas prices at the pump this Halloween. After fluctuating last week, gas prices across the state have risen, on average, a penny over last Monday. The Tennessee Gas Price average is now $3.32 which is 12 cents more expensive than one month ago and 16 cents more than one year ago.

"Gas prices in Tennessee saw some fluctuation at the end of last week, however, the state gas price average has shifted downward incrementally over the last three days," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "Additional fluctuation is expected throughout the coming week. With persistent downward pressure on prices still lingering in the market, hopefully this week will bring more treats than tricks for drivers."

Quick Facts

  • 29% of Tennessee gas stations have prices below $3.25
  • The lowest 10% of pump prices are $3.11 for regular unleaded
  • The highest 10% of pump prices are $3.65 for regular unleaded
  • Tennessee is the eight least expensive market in the nation

National Gas Prices

The national average pump price continued its recent trend by dipping three cents over the past week to hit $3.76. Tepid domestic gas demand and waffling global oil prices are the main reasons, although much lower West Coast gas prices are playing a part too.

According to data from the Energy Information Administration, gas demand rose slightly from 8.68 million b/d to 8.93 million b/d last week, and total domestic gasoline stocks decreased from 209.4 million bbl to 207.9 million bbl. Although gasoline demand is up slightly, it remains nearly 400,000 bbl lower than this time last year. Fluctuating oil prices and low demand contribute to the national average prices moving downward.

Today's national average of $3.76 is three cents lower than a month ago and 36 cents more than a year ago.

National Oil Market Dynamics

At the close of Friday's formal trading session, WTI decreased by $1.18 to settle at $87.90. A lower dollar contributed to price increases earlier last week; however, market concerns about global crude demand, after China announced more COVID lockdowns, sent prices lower at the end of the week. For this week, persistent market concerns that economic growth will stall or decline, alongside decreased crude oil demand, could put downward pressure on prices.

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

Halloween Safety Tips for Drivers:

  • Remain seated and buckled. Everyone in the vehicle should remain seated and buckled at all times, even when parked on the side of the road.
  • Designate a navigator. If you need to check a map, take pictures, or do anything that will take your attention off the road, pull over or delegate those tasks to a passenger.
  • If you are driving, focus on driving. Even going just a few miles over the speed limit in a residential neighborhood greatly increases the dangers for cyclists and pedestrians sharing the road.
  • Keep an eye out for trick-or-treaters. Pedestrians can be very unpredictable, especially children. Be on the lookout for children's shoes or costumes under vehicles to make sure they are not crossing the street between parked cars in neighborhoods.
  • For more Halloween safety tips visit AAA.com/Halloween.

Tennessee Regional Prices

  • Most expensive metro markets - Jackson ($3.40), Memphis ($3.40), Nashville ($3.34)
  • Least expensive metro markets - Johnson City ($3.25), Kingsport-Bristol ($3.25), Chattanooga ($3.28)

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

$3.325

$3.328

$3.314

$3.201

$3.161

Chattanooga

$3.283

$3.296

$3.231

$3.131

$3.128

Knoxville

$3.334

$3.333

$3.360

$3.204

$3.171

Memphis

$3.401

$3.402

$3.425

$3.271

$3.165

Nashville

$3.341

$3.343

$3.278

$3.214

$3.180

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.