NASHVILLE, Tenn.,
23
October
2023
|
21:03 PM
America/Chicago

TN Gas Prices Fall Five Cents

Tennessee has the 6th least expensive state gas price average in the country

NASHVILLE, Tenn., (October 23, 2023) — Tennessee drivers saw another week of falling prices at the pump last week, as Tennessee gas prices fell five cents, on average, across the state. The Tennessee Gas Price average is now $3.09 which is 29 cents less expensive than one month ago and 23 cents less than one year ago.  

"We’ve now seen prices at the pump decline for the fifth consecutive week," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Prices are still falling on the momentum created by the seasonal downturn in fuel demand, coupled with stronger gasoline supplies and the switch to cheaper winter blend gasoline. If oil prices remain flat through this week, it’s likely that momentum could continue and bring further price drops at the pump for drivers again this week." 

Quick Facts

  • 43% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.81 for regular unleaded 
  • The highest 10% of pump prices are $3.55 for regular unleaded
  • Tennessee is the 6th least expensive market in the nation 

National Gas Prices

Despite global tensions causing ripples through the oil market, the national average for a gallon of gas maintained its autumnal dip, falling six cents since last week to $3.54. Pump prices have lost 34 cents since their 2023 peak of $3.88 a month ago. This means drivers are saving about $5 every time they fuel up.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.58 to 8.94 million b/d last week. On the other hand, total domestic gasoline stocks decreased by 2.4 million bbl to 223.3 million bbl. Although higher demand and tightening supply typically increase pump prices, flat oil prices have had the opposite effect. If oil prices remain steady or fall, drivers can expect further price drops at the pump in the weeks ahead.  

Today’s national average of $3.54 is 31 cents less than a month ago and 25 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI remained unchanged at $86.66. Early last week, the price of oil rose due to concerns that the Israel-Hamas war could lead to reduced oil output from countries in the region, but those concerns have subsided since it appears the conflict will not spread across the Middle East for now. Additionally, the EIA reported that total domestic commercial crude supply dropped by 4.5 million bbl to 419.7 million bbl.   

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

Tennessee Regional Prices 

  • Most expensive metro markets - Jackson ($3.18), Morristown ($3.18), Memphis ($3.16)
  • Least expensive metro markets - Chattanooga ($2.95), Cleveland ($2.95), Clarksville ($2.96)


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

$3.093

$3.097

$3.140

$3.389

$3.321

Chattanooga

$2.950

$2.962

$3.033

$3.331

$3.244

Knoxville

$3.114

$3.119

$3.153

$3.318

$3.365

Memphis

$3.160

$3.163

$3.207

$3.435

$3.424

Nashville

$3.114

$3.118

$3.156

$3.458

$3.287

Click here to view current gasoline price averages

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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.