TN Gas Prices Hold Steady
Tennessee is the 5th least expensive market in the nation
NASHVILLE, Tenn., (July 22, 2024) — Tennessee gas prices held steady over last week and the state average remains at $3.11 - the same as one week ago. The Tennessee Gas Price average is now $3.11 which is 11 cents more expensive than one month ago but six cents less than one year ago.
"Summer typically brings a robust driving season, but that has not been the case recently," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "The recent extreme temperatures could be partly to blame for drivers staying off the road. If low gasoline demand and wobbly oil costs continue, we could see our gas prices hold steady again this week, and maybe even drop slightly lower."
National Gas Prices
The national average for a gallon of gas fell two cents to $3.50 since last week. The likely cause is the terrible demand number for gasoline, as folks may be curtailing driving amid sizzling summer temperatures.
According to new data from the Energy Information Administration (EIA), gas demand plummeted from 9.39 million b/d to 8.78 last week. Meanwhile, total domestic gasoline stocks fell from 231.7 to 229.7 million barrels. Gasoline production took a slight ding, likely from Hurricane Beryl, dropping from an average of 10.3 million barrels daily to 9.5. Low gasoline demand and wobbly oil costs may lead to slowly lowering pump prices.
Today’s national average is $3.50, five cents more than a month ago but nine cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI rose $2.09 to settle at $82.85 a barrel. The EIA reports that crude oil inventories decreased by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil inventories are about 5% 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 - Nashville ($3.19), Jackson ($3.17), Cleveland ($3.14)
- Least expensive metro markets - Knoxville ($3.04), Morristown ($3.04), Chattanooga ($3.07)
Tennessee Gas Price Averages
(Price per gallon of regular unleaded gasoline)
Monday | Sunday | Week Ago | Month Ago | One Year Ago | |
Tennessee | $3.117 | $3.123 | $3.110 | $3.004 | $3.177 |
Chattanooga | $3.072 | $3.078 | $3.046 | $2.894 | $3.186 |
Knoxville | $3.044 | $3.047 | $3.052 | $3.002 | $3.077 |
Memphis | $3.092 | $3.089 | $3.108 | $3.014 | $3.198 |
Nashville | $3.190 | $3.198 | $3.148 | $3.030 | $3.272 |
Click here to view current gasoline price averages | |||||
The Auto Club Group (ACG), named a 2026 Forbes Most Trusted Company in America, is the second-largest AAA club in North America, with more than 13 million members across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, financial services, travel offerings and more. ACG is part of the national AAA federation, which serves more than 66 million members across the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, download the AAA Mobile app, visit AAA.com, and follow us on social media.