NASHVILLE, Tenn.,
27
March
2024
|
12:37 PM
America/Chicago

TN Gas Prices Jump 9 Cents

Tennessee is the 7th least expensive market in the nation

NASHVILLE, Tenn., (March 25, 2024) — Pump price increases across the state gained momentum last week, rising nine cents on average. The Tennessee Gas Price average is now $3.18 which is 24 cents more expensive than one month ago and five cents more than one year ago.  

"There's still plenty of upward pressure on gas prices right now in the market, and with last week's crude oil price increases it's likely Tennesseans will see another round of increases at the pump this week," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Any time we see big oil price gains like we saw last week, it typically takes a week or two before those adjustments move through the retail market."

Quick Facts

  • 69% of Tennessee gas stations have prices below $3.25 
  • The lowest 10% of pump prices are $2.95 for regular unleaded 
  • The highest 10% of pump prices are $3.47 for regular unleaded
  • Tennessee is the 7th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas rose seven cents since last week to $3.53. While domestic gas demand has been lackluster, rising oil prices helped push pump prices higher. The Midwest may see a bit of a price reprieve, as the large BP Whiting refinery in Indiana is back up and running after being down since February 1st.

According to new data from the Energy Information Administration (EIA), gas demand decreased slightly from 9.04 to 8.81 million b/d last week. Meanwhile, total domestic gasoline stocks dropped by 3.3 million bbl to 230.8 million bbl. Lower demand would typically contribute to pushing pump prices lower or slowing increases, but rising oil prices have pushed them higher instead.

Today’s national average of $3.53 is 27 cents more than a month ago and nine cents more than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by $1.79 to settle at $81.68. Oil prices fell last week after the US Federal Reserve announced it was leaving interest rates unchanged, but it expects three rate cuts by the end of 2024. Additionally, the EIA reported that total domestic commercial crude stocks decreased by 2 million bbl to 445 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 - Nashville ($3.25), Clarksville ($3.22), Jackson ($3.22) 
  • Least expensive metro markets - Morristown ($3.07), Knoxville ($3.08), Kingsport ($3.16) 

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

$3.188

$3.193

$3.099

$2.948

$3.139

Chattanooga

$3.165

$3.187

$3.014

$2.895

$3.165

Knoxville

$3.080

$3.082

$3.065

$2.923

$3.061

Memphis

$3.212

$3.212

$3.147

$2.994

$3.121

Nashville

$3.256

$3.264

$3.127

$2.965

$3.237

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.