NASHVILLE, Tenn.,
22
January
2024
|
10:56 AM
America/Chicago

TN Gas Prices Fall One Penny

Tennessee fell to the 11th least expensive market in the nation

NASHVILLE, Tenn., (January 22, 2024) — Tennessee gas prices held steady over last week and only moved a penny lower, on average. The Tennessee Gas Price average is now $2.71 which is 11 cents less expensive than one month ago and 43 cents less than one year ago.  

"Despite the many changes in weather conditions across the state last week, gas prices saw very little movement in Tennessee," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This week is likely to bring lower demand since a large portion of the country is still dealing with cold weather and snow on the ground. If upward pressure continues on oil prices we may see our pump prices fluctuate throughout the week, however, it's likely that lower fuel demand and excess fuel supplies will continue to keep prices low this week." 

Quick Facts

  • 67% of Tennessee gas stations have prices below $2.75
  • The lowest 10% of pump prices are $2.46 for regular unleaded 
  • The highest 10% of pump prices are $3.06 for regular unleaded
  • Tennessee fell to the 11th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas squeaked out a one cent gain since last week to $3.07. A likely culprit could be wintery weather, which hampers refining operations and gasoline distribution. This has resulted in some frigid regions seeing pump price jumps.

According to new data from the Energy Information Administration (EIA), gas demand remains robust after it took a slight step back from 8.33 to 8.27 million b/d last week. Meanwhile, total domestic gasoline stocks increased by 3.1 million bbl to 248.1 million bbl. Fluctuating oil prices, alongside robust demand, have pushed pump prices up, but price gains have been capped due to rising stock levels. If oil prices continue to see upward pressure, drivers could see pump prices increase steadily in the weeks ahead.

Today’s national average of $3.07 is five cents less than a month ago and 34 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by 16 cents to settle at $72.56. Oil prices rose last week after supply outages due to winter storms caused market concern about tight supply to meet demand. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2.5 million bbl to 429.9 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 ($2.82), Memphis ($2.81), Johnson City ($2.79) 
  • Least expensive metro markets - Chattanooga ($2.64), Knoxville ($2.65), Morristown ($2.68) 


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

$2.711

$2.710

$2.725

$2.820

$3.147

Chattanooga

$2.641

$2.640

$2.675

$2.764

$3.142

Knoxville

$2.658

$2.658

$2.661

$2.767

$3.083

Memphis

$2.811

$2.814

$2.804

$2.838

$3.159

Nashville

$2.699

$2.695

$2.743

$2.882

$3.189

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.