05
March
2023
|
17:00 PM
America/Chicago

AAA: TN Gas Prices Rise Three Cents

Tennessee is the 7th least expensive market in the nation

NASHVILLE, Tenn., (March 6, 2023) — After moderate decreases in pump prices two weeks ago, pump prices across the state saw quite a bit of variation. Today's state gas price average is three cents higher than last week's. The Tennessee Gas Price average is now $3.04 which is 15 cents less expensive than one month ago and 77 cents less expensive than one year ago.

"This past week we experienced fluctuation in our gas prices across the state, and it's likely that we'll continue to see this fluctuation throughout the spring driving season," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "Warmer weather is encouraging people to travel, which increases demand for gasoline. It's also very common this time of year to see fluctuating gas prices as this is the time of year when refineries conduct seasonal maintenance and begin the process of producing summer blend gasoline, which is more expensive to produce than winter blend gasoline."

Quick Facts

  • 54% 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 $3.36 for regular unleaded
  • Tennessee is the 7th least expensive market in the nation

National Gas Prices

Since last Monday, the national average for a gallon of regular gasoline has increased by four cents to $3.40. One reason could be an increase in demand, as the cost of oil has barely budged for the past few weeks.

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.91 million to 9.11 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by nearly 1 million bbl to 239.2 million bbl last week. The increase in gas demand, amid tighter supplies, has contributed to rising pump prices. If demand continues to grow, drivers will likely continue to see pump prices increase.

Today's national average of $3.40 is seven cents less than a month ago and 60 cents less than a year ago.

National Oil Market Dynamics

At the close of last Wednesday's formal trading session, WTI increased by 64 cents to settle at $77.69. Crude prices increased last week after the market saw that manufacturing activity rose in China last month, signaling that global oil demand may be more robust than anticipated this year. Additionally, the EIA reported that total domestic commercial crude inventories increased by 1.2 million bbl to 480.2 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 - Memphis ($3.09), Nashville ($3.08), Cleveland ($3.06)
  • Least expensive metro markets - Chattanooga ($3.00), Kingsport ($3.00), Morristown ($3.01)


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

$3.047

$3.050

$3.018

$3.197

$3.816

Chattanooga

$3.002

$3.012

$2.915

$3.174

$3.785

Knoxville

$3.032

$3.030

$3.058

$3.168

$3.818

Memphis

$3.097

$3.096

$3.102

$3.264

$3.772

Nashville

$3.083

$3.091

$3.032

$3.229

$3.874

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.