NASHVILLE, Tenn.,
11
December
2023
|
16:20 PM
America/Chicago

TN Gas Prices Fall 9 Cents

Tennessee is the 10th least expensive market in the nation

NASHVILLE, Tenn., (December 11, 2023) — Gas prices are continuing their gradual decline across the state as Tennessee pump prices fell nine cents, on average, over last week. The Tennessee Gas Price average is now $2.80 which is 16 cents less expensive than one month ago and six cents less than one year ago.  

"Last week brought another round of falling oil and gasoline futures prices," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This is great news for Tennessee drivers and means that it is very likely the downward trend at the pump will continue this week. Drivers can also likely expect pump prices to remain low through the holidays - barring any sudden spike in crude oil prices." 

Quick Facts

  • 44% of Tennessee gas stations have prices below $2.75 
  • The lowest 10% of pump prices are $2.50 for regular unleaded 
  • The highest 10% of pump prices are $3.24 for regular unleaded
  • Tennessee is the 10th least expensive market in the nation

National Gas Prices

After a one-day dalliance with a rising price, the national average for a gallon of gas resumed its steady retreat, shedding nine cents since last week to $3.15. The main reason is a weaker cost for oil, which is struggling to stay above $70 per barrel.  The falling price comes just a week after OPEC+ announced voluntary production cuts of about 2 million barrels daily.  But instead of viewing it as coal in the stocking, the oil market response has thus far been a resounding “meh.”

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.21 to 8.47 million b/d last week. Meanwhile, total domestic gasoline stocks increased significantly by 5.4 million bbl to 223.6 million bbl. Despite low gas demand, supply growth has helped push pump prices lower. If oil prices remain low, drivers can expect pump prices to do the same during the holiday season.

Today’s national average of $3.15 is 22 cents less than a month ago and 12 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by $2.94 to settle at $69.38. Oil prices dropped last week due to market concerns that lackluster demand could continue to push supply up while prices slide through the remainder of 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 4.7 million bbl to 445 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 ($2.88), Memphis ($2.87), Nashville ($2.81) 
  • Least expensive metro markets - Chattanooga ($2.63), Cleveland ($2.67), Clarksville ($2.74) 


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

$2.801

$2.812

$2.892

$2.967

$2.868

Chattanooga

$2.635

$2.657

$2.761

$2.819

$2.808

Knoxville

$2.795

$2.799

$2.838

$2.985

$3.022

Memphis

$2.871

$2.879

$2.928

$3.020

$2.982

Nashville

$2.818

$2.833

$2.961

$3.002

$2.768

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.