NASHVILLE, Tenn.,
29
January
2024
|
12:13 PM
America/Chicago

AAA: TN Gas Prices Rise Eight Cents

Tennessee moves to the 14th least expensive market in the nation

NASHVILLE, Tenn., (January 29, 2024) — Gas prices across the state moved more expensive last week, rising eight cents, on average.The Tennessee Gas Price average is now $2.79 which is two cents more expensive than one month ago but 49 cents less than one year ago.  

"Gas prices moved higher across the state last week, likely thanks to steady increases in crude oil pricing," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Pump prices are facing additional upward pressure thanks to heightened geopolitical tensions and the lingering impacts of the extremely cold temperatures on refinery production. If crude oil prices remain high it's likely that drivers can expect pump prices to fluctuate higher again this week." 

Quick Facts

  • 39% of Tennessee gas stations have prices below $2.75
  • The lowest 10% of pump prices are $2.56 for regular unleaded 
  • The highest 10% of pump prices are $3.10 for regular unleaded
  • Tennessee is the 14th least expensive market in the nation

National Gas Prices

The national average for gas edged higher by three cents since last week to $3.10. The meandering journey is likely caused by low gas demand countered by slightly higher costs for oil.  The result is a pump price stalemate.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 8.27 to 7.89 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 4.9 million bbl to 253 million bbl. Due to fluctuating oil prices, lower gas demand, and rising stocks, pump price increases have been limited. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead. 

Today’s national average of $3.10 is two cents less than a month ago and 40 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by 72 cents to settle at $75.09. Oil prices rose last week after the EIA reported that total domestic commercial crude stocks decreased significantly by 9.2 million bbl to 420.7 million bbl. The drop in total stocks signals that tight supply could increase prices if demand grows. 

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

Tennessee Regional Prices 

  • Most expensive metro markets - Johnson City ($2.89), Memphis ($2.85), Jackson ($2.82) 
  • Least expensive metro markets - Knoxville ($2.75), Chattanooga ($2.75), Morristown ($2.78)


Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$2.793

$2.789

$2.711

$2.776

$3.285

Chattanooga

$2.759

$2.763

$2.641

$2.680

$3.304

Knoxville

$2.752

$2.751

$2.658

$2.747

$3.188

Memphis

$2.850

$2.836

$2.811

$2.827

$3.299

Nashville

$2.811

$2.803

$2.699

$2.799

$3.364

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.