TN Gas Prices Fall Four Cents

NASHVILLE, Tenn., (May 28, 2024) — Despite a near-record number of Tennesseans expected to take a road trip over the weekend for Memorial Day, we saw our gas prices drop four cents, on average, over last week. The Tennessee Gas Price average is now $3.16 which is nine cents less expensive than one month ago and three cents less than one year ago.  

"Those that took a road trip over the holiday weekend were met with the cheapest Memorial Day gas prices for Tennessee in three years," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Now that the summer driving season is underway, drivers can likely expect to see prices fluctuate throughout the summer months. Barring any major changes in the overall gas price market, it could prove to be a slow week for pump prices across the state, especially if crude oil prices hold steady." 

Tennessee drivers paid an average of $3.17 per gallon over this year's holiday, which is two cents cheaper than last year's holiday, and the cheapest Memorial Day gas prices in the state since 2021 when drivers paid an average of $2.87 per gallon. 

100 Deadliest Days for Teen Drivers

Memorial Day marked the unofficial start of summer and a period known as the “100 Deadliest Days for Teen Drivers,” which runs through Labor Day weekend. This is a time when there is an increase in the number of fatal crashes involving teen drivers.

According to the National Highway Traffic Safety Administration (NHTSA), nearly half of teen driver-related deaths occur during the 100 Deadliest Days. A total of nearly 6,700 people were killed during this period, from 2013-2022. In 2022 alone, 707 people were killed in these types of crashes – a 10% increase over pre-pandemic 2019.

Click here for more information on the 100 Deadliest Days. 

National Gas Prices

The national average for a gallon of gasoline wobbled slightly since last week before settling one cent lower at $3.58. The lack of pump price movement is typical in the days leading up to Memorial Day.  

According to new data from the Energy Information Administration (EIA), gas demand rose unexpectedly from 8.87 million b/d to 9.31 last week. Meanwhile, total domestic gasoline stocks decreased slightly from 227.8 to 226.8 million bbl, while gasoline production increased last week, averaging 10.0 million daily barrels. An increase in gasoline demand paired with falling oil prices could cause pump prices to remain relatively flat for now. 

Today’s national average is $3.58, seven cents less than a month ago but a penny more than a year ago. 

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI declined by $1.09 to settle at $77.57 a barrel. Prices fell as the EIA reported that crude oil inventories increased by 1.8 million barrels from the previous week. At 458.8 million barrels, U.S. crude oil inventories are about 3% 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 - Morristown ($3.21), Jackson ($3.21), Nashville ($3.20)
• Least expensive metro markets - Chattanooga ($3.01), Kingsport-Bristol ($3.12), Cleveland ($3.14) 

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	$3.160	$3.171	$3.208	$3.254	$3.192
Chattanooga	$3.015	$3.038	$3.098	$3.233	$3.166
Knoxville	$3.153	$3.154	$3.201	$3.238	$3.195
Memphis	$3.175	$3.178	$3.197	$3.260	$3.179
Nashville	$3.206	$3.220	$3.266	$3.304	$3.251
Click here to view current gasoline price averages