23
July
2023
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Rise Eight Cents

Tennessee is still the second least expensive market in the nation for gas prices

NASHVILLE, Tenn., (July 24, 2023) — Tennessee gas prices are continuing to fluctuate, moving eight cents more expensive, on average, since last Monday. The Tennessee Gas Price average is now $3.17 which is five cents more expensive than one month ago but 77 cents less than one year ago.

"Gas prices are still fluctuating across the state, and even though prices moved higher on the week, Tennessee still has the second cheapest state gas price average in the country," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Given the recent uptick in crude oil prices it will likely take a couple of weeks for pump prices to normalize across the state. Until then, drivers should expect to see additional fluctuations in pump pricing."

Quick Facts

  • 16% of Tennessee gas stations have prices below $3.00
  • The lowest 10% of pump prices are $2.94 for regular unleaded
  • The highest 10% of pump prices are $3.52 for regular unleaded
  • Tennessee remains the 2nd least expensive market in the nation

National Gas Prices

Despite another week of lackluster demand for gasoline, pump prices rose three cents since last Monday to $3.59. The primary culprit is a higher oil price, which has recently increased to the mid-$70s per barrel.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 to 8.86 million b/d last week. Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million bbl. With supplies tight, if demand climbs, pump prices will follow suit.

Today's national average of $3.59 is two cents more than a month ago but 77 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI decreased by 40 cents to settle at $75.35. Oil prices slid last week in response to market concerns that crude demand may soften in the months ahead. Due to extended repair timelines at refineries, lower refinery oil usage rates could influence how much oil prices decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 700,000 bbl to 457.4 million bbl.

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

Tennessee Regional Prices

  • Most expensive metro markets - Cleveland ($3.25), Nashville ($3.25), Memphis ($3.22)
  • Least expensive metro markets - Morristown ($3.05), Johnson City ($3.07), Knoxville ($3.08)


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

$3.179

$3.180

$3.095

$3.129

$3.945

Chattanooga

$3.170

$3.182

$2.995

$3.070

$3.840

Knoxville

$3.086

$3.083

$3.051

$3.106

$4.144

Memphis

$3.222

$3.210

$3.169

$3.141

$4.031

Nashville

$3.258

$3.267

$3.144

$3.181

$3.886

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.