NASHVILLE, Tenn.,
26
February
2024
|
11:44 AM
America/Chicago

TN Gas Prices Fall Two Cents

Tennessee moves to the 9th least expensive market in the nation

NASHVILLE, Tenn., (February, 26, 2024) — Tennessee gas prices are moving in a more favorable direction after jumping double-digits two weeks ago. Over last week, gas prices declined two cents, on average. The Tennessee Gas Price average is now $2.95 which is 17 cents more expensive than one month ago and but seven cents less than one year ago.  

"Tennesseans saw a bit of a break at the pump over last week as the state gas price average moved two cents lower," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "While this is a nice change of pace compared to the last few weeks, it's important to remember, however, that we are still in the midst of refinery maintenance season. This is also the time of year that we start to see stronger fuel demand as the spring driving season heats up. Because of this, drivers should expect to see continued fluctuation in prices at the gas pump." 

Quick Facts

  • 77% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.74 for regular unleaded 
  • The highest 10% of pump prices are $3.32 for regular unleaded
  • Tennessee is now the 9th least expensive market in the nation

National Gas Prices

After suddenly spiking more than a dime two weeks ago, the national average for a gallon of gas had a calm week by falling a penny to $3.26.  News that the large BP-Whiting refinery in Indiana, offline since early February due to power issues, is reopening soon may have contributed to easing pump price nerves. The refinery processes nearly 440,000 barrels of crude daily, and the shutdown caused gasoline prices throughout the Midwest to rise.   

According to new data from the Energy Information Administration (EIA), gas demand mostly remained flat at 8.2 million b/d last week. Total domestic gasoline stocks declined slightly by 300,000 bbl to 247 million bbl. Flat demand, amid falling supply, has helped to stabilize the national average this week.

Today’s national average of $3.26 is 16 cents more than a month ago but 10 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by 87 cents to settle at $77.91. Oil prices rose last week with a softer dollar and continuing attacks in the Red Sea, causing the market to remain concerned that shipping routes will be hindered as hostilities linger. Additionally, total domestic commercial crude stocks increased by 3.6 million bbl to 443 million bbl last week.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Clarksville ($3.02), Johnson City ($3.00), Memphis ($2.99) 
  • Least expensive metro markets - Morristown ($2.88), Cleveland ($2.89), Chattanooga ($2.90)


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

$2.958

$2.948

$2.974

$2.789

$3.028

Chattanooga

$2.909

$2.895

$2.953

$2.780

$2.937

Knoxville

$2.923

$2.923

$2.888

$2.749

$3.062

Memphis

$2.998

$2.994

$2.999

$2.818

$3.107

Nashville

$2.996

$2.965

$3.017

$2.818

$3.044

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.