TN Gas Prices Hold Steady

Gas prices across the state held relatively steady over last week, with today's gas price average the same as one week ago. The Tennessee Gas Price average is now $3.93 which is a penny more expensive than one month ago and $1.23 more expensive than one year ago.

"Gas prices across the state held steady over last week, with minimal changes at the pump for many drivers," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Even though we're seeing gas prices significantly more expensive than last year, crude oil prices remain relatively low, which is helping to prevent gas prices from moving more expensive. While pump prices remain high, drivers can still make the most of every tank by comparing local gas prices, staying on top of vehicle maintenance, and driving efficiently."

Tennessee drivers are now seeing gas prices $1.23 more expensive compared to last year, which adds roughly $18 to the cost of filling a 15-gallon gas tank. The average Tennessee driver is currently paying nearly $59 to fill their gas tank. At this time last year, the average cost for a fill-up was around $40.

National Gas Prices

Gas prices remain the highest they’ve ever been for this time of year. Even though the national average dropped a penny this past week to $4.35, pump prices remain at record highs for autumn. This is the first year the national average has been above $4 per gallon in October. After dipping into the $80 per barrel range for several days, crude oil is back above $90 per barrel.

According to new data from the Energy Information Administration (EIA), gasoline demand increased last week from 8.68 million barrels per day to 8.76 million. Total domestic gasoline supply increased slightly from 204.4 million barrels to 204.7 million. Gasoline production decreased from 9.46 million barrels per day to 9.34 million barrels.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI fell $1.16 to settle at $88.28 per barrel. The EIA reports that U.S. crude oil inventories decreased 3.2 million barrels to 424.1 million barrels, 1% above the five-year average.

Tennessee Regional Prices

• Most expensive metro markets - Jackson ($4.06), Memphis ($4.02), Nashville ($3.93)
• Least expensive metro markets - Chattanooga ($3.82), Cleveland ($3.85), Clarksville ($3.87)

Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)

Gas Price Survey Methodology

AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.