NASHVILLE, Tenn.,
11
March
2024
|
14:31 PM
America/Chicago

TN Gas Prices Climb Six Cents

Tennessee moves to 6th least expensive market in the country

NASHVILLE, Tenn., (March 11, 2024) — Tennessee gas prices are continuing to trend higher and moved six cents more expensive, on average, over last week. The Tennessee Gas Price average is now $3.07 which is 22 cents more expensive than one month ago but eight cents less than one year ago.  

"Tennessee drivers saw pump prices jump higher mid-week last week to $3.09, before trending slightly lower over the weekend to $3.07," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Strong gasoline demand and the yearly switch from winter blend to summer blend gasoline is helping contribute to a rise in pump prices - which is what we typically expect to see this time of year. Even with our weekly jump at the pump, Tennessee now has the 6th least expensive state gas price average in the country." 

Quick Facts

  • 37% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.83 for regular unleaded 
  • The highest 10% of pump prices are $3.35 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation

National Gas Prices

Pump prices have maintained a steady march higher, rising four cents since last week to $3.39. More expensive oil is a likely culprit, as crude accounts for nearly 60% of pump prices. The cost for a barrel of oil is edging closer to $80, about $10 more per barrel than a few months ago.

According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.47 to 9.01 million b/d last week. Meanwhile, total domestic gasoline stocks tightened by 4.5 million bbl to 239.7 million bbl. Growing gas demand, amid tighter supply, has pushed pump prices higher.

Today’s national average of $3.39 is 21 cents more than a month ago but eight cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by 98 cents to settle at $79.13. Oil prices rose last week amid increased market optimism after U.S. Federal Reserve Chair Jerome Powell noted that interest rates are still expected to be cut later this year. Moreover, the EIA reported that total domestic commercial crude stocks increased by 1.3 million bbl to 448.5 million bbl last week. Earlier last week, the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, extended their agreement to reduce production by 2.2 million barrels per day into the second quarter of 2024.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Johnson City ($3.15), Clarksville ($3.12), Nashville ($3.11) 
  • Least expensive metro markets - Morristown ($2.92), Chattanooga ($3.00), Knoxville ($3.04)


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

$3.074

$3.081

$3.010

$2.856

$3.159

Chattanooga

$3.006

$3.035

$2.961

$2.763

$3.196

Knoxville

$3.043

$3.045

$2.940

$2.838

$3.078

Memphis

$3.076

$3.077

$3.040

$2.902

$3.149

Nashville

$3.116

$3.129

$3.052

$2.878

$3.242

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.