TN Gas Prices Fall a Penny
Tennessee is the 8th least expensive market in the nation
NASHVILLE, Tenn., (January 13, 2025) — Gas prices across the state fell a penny, on average, over last week.The Tennessee Gas Price average is now $2.73 which is 10 cents more expensive than one month ago and the same price as one year ago.
"We're still seeing some uncertainty in the oil market due to the recent winter weather and U.S. sanctions on Russian petroleum," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "This could place upward pressure on oil prices, but for now, the full effect on the market is unknown. Drivers can likely expect continued fluctuation at the pump this week."
National Gas Prices
The national average for a gallon of gas is stuck in neutral and has not budged since last week to stay at $3.06.
According to new data from the Energy Information Administration (EIA), gasoline demand rose from 8.16 million b/d last week to 8.48. Meanwhile, total domestic gasoline stocks soared from 231.4 million barrels to 237.7, while gasoline production decreased last week, averaging 8.9 million barrels daily. The retail price for regular-grade gasoline averaged $3.30 per gallon in 2024, 21 cents less than in 2023.
The EIA also reported that the United States produced more crude oil than any other nation in the six years 2018-2023. Last year’s numbers are still being crunched, but the trend will likely continue. Crude oil production in the United States averaged 12.9 million barrels daily in 2023, breaking the previous U.S. and global record of 12.3 million in 2019. The EIA says the 2023 oil production record is unlikely to be broken by another country anytime soon.
Today’s national average for a gallon of gas is $3.06, four cents more than a month ago and a penny less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI fell 93 cents to settle at $73.32 a barrel. The EIA reports that crude oil inventories decreased by 1.0 million barrels from the previous week. At 414.6 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Regional Prices
- Most expensive metro markets - Memphis ($2.77), Nashville ($2.77), Jackson ($2.77)
- Least expensive metro markets - Chattanooga ($2.64), Cleveland ($2.65), Clarksville ($2.65)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 | Monday | Sunday | Week Ago | Month Ago | One Year Ago |
Tennessee | $2.736 | $2.735 | $2.745 | $2.639 | $2.737 |
Chattanooga | $2.642 | $2.628 | $2.700 | $2.551 | $2.715 |
Knoxville | $2.732 | $2.731 | $2.735 | $2.604 | $2.669 |
Memphis | $2.776 | $2.773 | $2.758 | $2.698 | $2.794 |
Nashville | $2.773 | $2.776 | $2.804 | $2.659 | $2.767 |
Click here to view current gasoline price averages | |||||
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