NASHVILLE, Tenn.,
12
February
2024
|
11:11 AM
America/Chicago

TN Gas Prices Move Two Cents Higher

Tennessee moves to the 14th least expensive market in the nation

NASHVILLE, Tenn., (February 12, 2024) — Tennessee gas prices dipped slightly lower early last week but moved more expensive over the weekend. Overall, gas prices moved two cents higher over last week, on average. The Tennessee Gas Price average is now $2.86 which is 12 cents more expensive than one month ago but 24 cents less than one year ago.  

"'Tis the season for scheduled seasonal refinery maintenance and an increase in gasoline demand," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "We're starting to see routine refinery maintenance beginning to help prepare for the switch from winter to summer blend gasoline. This is also the time of year that we see a gradual increase in gasoline demand ahead of the busier Spring driving season. Both of these are creating upward pressure on gas prices, which means that drivers can likely expect continued fluctuation in pricing at the pump again this week." 

Quick Facts

  • 23% of Tennessee gas stations have prices below $2.75 
  • The lowest 10% of pump prices are $2.63 for regular unleaded 
  • The highest 10% of pump prices are $3.18 for regular unleaded
  • Tennessee is the 14th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas dipped slightly for a few days last week before rising five cents higher to $3.19. Seasonal demand trends, higher costs for oil, and routine refinery maintenance will likely push pump prices slowly higher this week.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.14 to 8.81 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 3.1 million bbl to 251 million bbl. Higher gas demand and tighter supply have contributed to elevated pump prices. If demand continues to increase, drivers could see pump prices rise steadily.

Today’s national average of $3.19 is twelve cents more than a month ago but 22 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by 55 cents to settle at $73.86. Oil prices rose last week after the EIA reported that refinery oil processing was down slightly from 82.9 to 82.4 percent, signaling that winter maintenance increases ahead of the spring driving season continues. Additionally, the EIA reported that total domestic commercial crude stocks increased by 5.5 million bbl to 427.4 million bbl.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Memphis ($2.91), Jackson ($2.90), Johnson City ($2.90) 
  • Least expensive metro markets - Chattanooga ($2.80), Cleveland ($2.81), Morristown ($2.82) 


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

$2.862

$2.856

$2.846

$2.740

$3.106

Chattanooga

$2.805

$2.763

$2.821

$2.735

$3.041

Knoxville

$2.842

$2.838

$2.754

$2.667

$3.127

Memphis

$2.911

$2.902

$2.897

$2.799

$3.199

Nashville

$2.881

$2.878

$2.886

$2.782

$3.103

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.