09
July
2023
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Rise Three Cents

Tennessee moves to 5th least expensive market in nation

NASHVILLE, Tenn., (July 10, 2023) — Tennessee gas prices are trending slightly higher this week, increasing three cents, on average. The Tennessee Gas Price average is now $3.10 which is five cents less expensive than one month ago and $1.20 less than one year ago.

"Gas prices are trending higher after the Fourth of July holiday, likely due to higher demand alongside decreasing supply," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "The good news is that oil prices still remain low. Unless that changes this week, the upward pressure on gas prices could possibly ease fairly soon."

Quick Facts

  • 34% of Tennessee gas stations have prices below $3.00
  • The lowest 10% of pump prices are $2.84 for regular unleaded
  • The highest 10% of pump prices are $3.46 for regular unleaded
  • Tennessee is the 5th least expensive market in the nation

National Gas Prices

Pump prices barely budged over the past week, despite the expected demand surge due to the July 4th holiday. AAA predicted that more than 43 million people would hit the road to celebrate the nation's birthday. Despite the record number, the national average for a gallon of gas has only moved a penny higher since last week to $3.54.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.31 to 9.6 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 2.5 million bbl to 219.5 million bbl. Rising gas demand amid decreasing supply will likely cause gas prices to fluctuate in the short term.

Today's national average of $3.54 is four cents less than a month ago and $1.14 less than a year ago.

National Oil Market Dynamics

At the close of Wednesday's formal trading session, WTI increased by $2 to settle at $71.79. Oil prices increased last week due to market concerns that supply may be tight through the remainder of 2023. However, price increases have been capped due to ongoing market fears that a recession will occur. If a recession occurs, oil demand and prices will likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 1.5 million bbl to 452.2 million bbl.

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

Tennessee Regional Prices

  • Most expensive metro markets - Nashville ($3.19), Cleveland ($3.16), Memphis ($3.15)
  • Least expensive metro markets - Johnson City ($3.00), Kingsport ($3.00), Morristown ($3.02)


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

$3.107

$3.111

$3.073

$3.151

$4.301

Chattanooga

$3.083

$3.104

$3.013

$3.093

$4.168

Knoxville

$3.046

$3.047

$3.062

$3.143

$4.445

Memphis

$3.155

$3.146

$3.130

$3.156

$4.404

Nashville

$3.192

$3.196

$3.119

$3.202

$4.301

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.