TN Gas Prices Fall Five Cents
Tennessee is now the third least expensive market in the nation
NASHVILLE, Tenn., (July 29, 2024) — Tennessee gas prices moved less expensive over last week, falling five cents, on average. Tennessee also moved into the third least expensive state gas price average in the country. The Tennessee Gas Price average is now $3.06 which is five cents less expensive than one month ago and 32 cents less than one year ago.
"We saw another drop in oil prices last week and we're starting to see concerns emerge that global fuel demand is softening," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "If market conditions stay the same, it's likely that we'll see another break at the pump again this week. The even better news is that Tennessee has some of the cheapest gas prices in the country."
National Gas Prices
Barely budging since June, the national average for a gallon of gas held steady at $3.50 last week. The national average has hovered around $3.50 per gallon since June 26th.
According to new data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.78 million b/d to 9.45 last week. Meanwhile, total domestic gasoline stocks fell from 233 to 227.4 million barrels. Gasoline production rose last week, averaging 10.2 million barrels per day. Higher gasoline demand but lower oil costs may keep pump prices relatively stable for now.
Today’s national average is $3.50, a penny more than a month ago but 24 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose 63 cents to settle at $77.59 a barrel. The EIA reports that crude oil inventories decreased by 3.7 million barrels from the previous week. At 436.5 million barrels, U.S. crude oil inventories are about 5% 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 - Jackson ($3.15), Nashville ($3.10), Memphis ($3.08)
- Least expensive metro markets - Chattanooga ($2.97), Clarksville ($2.98), Morristown ($3.01)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
 | Monday | Sunday | Week Ago | Month Ago | One Year Ago |
Tennessee | $3.064 | $3.066 | $3.117 | $3.118 | $3.384 |
Chattanooga | $2.973 | $2.977 | $3.072 | $3.138 | $3.396 |
Knoxville | $3.019 | $3.022 | $3.044 | $3.017 | $3.304 |
Memphis | $3.083 | $3.075 | $3.092 | $3.077 | $3.410 |
Nashville | $3.107 | $3.106 | $3.190 | $3.213 | $3.455 |
Click here to view current gasoline price averages | |||||
The Auto Club Group (ACG), named a 2026 Forbes Most Trusted Company in America, is the second-largest AAA club in North America, with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, financial services, travel offerings and more. ACG is part of the national AAA federation, which serves more than 66 million members across the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, download the AAA Mobile app, visit AAA.com, and follow us on social media.