NASHVILLE, Tenn.,
18
March
2024
|
11:12 AM
America/Chicago

AAA: TN Gas Prices Up Two Cents

Tennessee is the 6th least expensive market in the nation

NASHVILLE, Tenn., (March 18, 2024) — Gas prices across Tennessee moved higher over last week, but at a much slower rate compared to recent weeks. Over last week, gas prices moved two cents more expensive, on average. The Tennessee Gas Price average is now $3.09 which is 11 cents more expensive than one month ago but a penny less than one year ago.  

"Pump price increases slowed down over last week, but that trend may not last long," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Both gasoline and crude oil futures rose again last week, which means it's likely drivers will see prices at the pump fluctuate higher again this week."

Quick Facts

  • 40% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.85 for regular unleaded 
  • The highest 10% of pump prices are $3.40 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas has been rising since last week, moving seven cents higher to $3.46.  With the cost of oil crossing the $80 per barrel mark and gas demand popping with warmer temps and better weather, more increases may be coming to the pump. Another critical factor is the arrival of more expensive summer blend gas, which tends to increase pump prices by 10 to 15 cents.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.01 to 9.04 million b/d last week. Meanwhile, total domestic gasoline stocks dropped by 5.6 million bbl to 234.1 million bbl. Higher gas demand, amid tightening supply, has pushed pump prices higher. 

Today’s national average of $3.46 is 19 cents more than a month ago and two cents more than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by $2.16 to settle at $79.72. Oil prices jumped after Ukrainian drones hit Russian refineries. The extent of the damage is unclear, but repairs could curtail Russian petroleum product exports, including diesel, and lead it to import products it needs. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 1.5 million bbl to 447 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 - Johnson City ($3.21), Kingsport ($3.16), Memphis ($3.14) 
  • Least expensive metro markets - Morristown ($2.98), Cleveland ($2.99), Chattanooga ($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

$3.099

$3.091

$3.074

$2.980

$3.109

Chattanooga

$3.014

$2.981

$3.006

$2.978

$3.092

Knoxville

$3.065

$3.065

$3.043

$2.888

$3.067

Memphis

$3.147

$3.141

$3.076

$2.992

$3.129

Nashville

$3.127

$3.107

$3.116

$3.025

$3.167

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.