Gas Prices Fall Seven Cents Ahead of Memorial Day
Tennessee is the 7th least expensive market in the nation
*Note: Due to next week's holiday, the weekly gas price brief will be sent out on Tuesday, May 28.
NASHVILLE, Tenn., (May 20, 2024) — Pump prices across the state continue to decline ahead of Memorial Day weekend. The state gas price average fell seven cents over last week. The Tennessee Gas Price average is now $3.16 which is eight cents less expensive than one month ago but four cents more than one year ago.
"Those that are taking a road trip over the holiday weekend will likely be able to benefit from falling prices at the pump," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Last year, Tennesseans paid $3.19 per gallon for gasoline on Memorial Day. Fluctuation in prices cannot be ruled out due to ongoing geopolitical tensions, but if there are no major shifts in the market ahead of the weekend Tennesseans can likely expect to pay about what they did for last year's holiday, and in some cases maybe even less."
Click here to view the 2024 Memorial Day Travel Forecast
Best/Worst Times to Drive
The most congested periods on the road are forecast to be Thursday and Friday afternoons from 3pm-7pm. The best advice for avoiding congestion is to travel before noon or after 7pm.
Top Destinations
This Memorial Day weekend, travelers are seeking theme parks and entertainment venues in Orlando, New York, Las Vegas, and Southern California. Seattle, Anchorage, and Vancouver rank high because of the popularity of Alaska cruises this time of year. Florida beaches and cruise ports will also be packed.
National Gas Prices
The national average for a gallon of gasoline kept up its slow descent, falling two cents since last week to $3.59. The primary reasons are weak domestic demand and oil costs below $80 a barrel.
According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.79 million b/d to 8.87 last week. Meanwhile, total domestic gasoline stocks decreased slightly from 228 to 227.8 million bbl. Lackluster pre-Memorial Day demand and steady or falling oil prices could lower pump prices.
Today’s national average is $3.59, eight cents less than a month ago but five cents more than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased by 61 cents to settle at $78.87 a barrel. Prices rose as the EIA reported that crude oil inventories had decreased by 2.5 million barrels from the previous week. At 457.0 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets - Morristown ($3.26), Johnson City ($3.22), Jackson ($3.22)
- Least expensive metro markets - Chattanooga ($3.00), Cleveland ($3.12), Clarksville ($3.13)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
Monday | Sunday | Week Ago | Month Ago | One Year Ago | |
Tennessee | $3.164 | $3.164 | $3.234 | $3.249 | $3.127 |
Chattanooga | $3.002 | $3.017 | $3.131 | $3.172 | $3.048 |
Knoxville | $3.197 | $3.200 | $3.259 | $3.274 | $3.151 |
Memphis | $3.200 | $3.197 | $3.244 | $3.285 | $3.148 |
Nashville | $3.175 | $3.162 | $3.257 | $3.273 | $3.169 |
Click here to view current gasoline price averages | |||||
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