NASHVILLE, Tenn.,
16
October
2023
|
20:58 PM
America/Chicago

TN Gas Prices Fall 10 Cents

Tennessee has the eighth least expensive state gas price average in the country

NASHVILLE, Tenn., (October 16, 2023) — Gas prices across Tennessee have now declined for four consecutive weeks. Over last week, Tennessee gas prices fell ten cents, on average. The Tennessee Gas Price average is now $3.14 which is 30 cents less expensive than one month ago and 24 cents less than one year ago.  

"We’re continuing to see prices at the pump drop here in Tennessee, mostly thanks to falling crude oil prices," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Right now, we have one metro area in Tennessee (Clarksville) with a metro gas price average just below $3 per gallon. If current market conditions persist, we may see more metro areas follow suit in their gas price averages."

Quick Facts

  • 80% of Tennessee gas stations have prices below $3.25 
  • The lowest 10% of pump prices are $2.85 for regular unleaded 
  • The highest 10% of pump prices are $3.58 for regular unleaded
  • Tennessee is the 8th least expensive market in the nation

National Gas Prices

Domestic pump prices maintained their daily decline despite the uncertainty rippling through the oil market in the days since Hamas terrorists attacked Israel. Oil prices rose a few dollars per barrel last week, but that is far from the roughly $40 per barrel temporary spike following last year’s Russian invasion of Ukraine.  The critical difference is that Russia is a significant oil producer, while Israel and the Palestinian territories are not. The national average for a gallon of gas fell 10 cents since last week to $3.60. 

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.01 to 8.58 million b/d last week. On the other hand, total domestic gasoline stocks fell by 1.3 million bbl to 225.7 million bbl. Tepid demand, alongside descending oil prices, has pushed pump prices lower. If oil prices continue to decline, drivers can expect further price drops at the pump in the weeks ahead.   

Today’s national average of $3.60 is 27 cents less than a month ago and 28 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by $2.48 to settle at $83.49. Oil prices rose sharply early last week after Hamas attacked Israel, but they have since dropped as demand concerns continue to weigh on the market. If the market tips into a recession, oil prices, and demand would likely decline. Additionally, the EIA reported that total commercial crude stocks increased significantly by 10.1 million bbl to 424.2 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 - Jackson ($3.23), Morristown ($3.22), Memphis ($3.20) 
  • Least expensive metro markets - Clarksville ($2.99), Cleveland ($3.03), Chattanooga ($3.03)


Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.140

$3.148

$3.244

$3.443

$3.383

Chattanooga

$3.033

$3.044

$3.134

$3.442

$3.329

Knoxville

$3.153

$3.158

$3.213

$3.337

$3.387

Memphis

$3.207

$3.207

$3.314

$3.450

$3.455

Nashville

$3.156

$3.164

$3.285

$3.532

$3.387

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.