NASHVILLE, Tenn.,
04
March
2024
|
15:56 PM
America/Chicago

TN Gas Prices Rise 6 Cents

Tennessee is now the 10th least expensive market in the nation

NASHVILLE, Tenn., (March 4, 2024) — The Tennessee gas price average moved above $3.00 per gallon last week for the first time since November 2023. Over last week, gas prices rose six cents, on average. The Tennessee Gas Price average is now $3.01 which is 16 cents more expensive than one month ago but four cents less than one year ago.  

"Tennessee drivers are now seeing gas prices above $3.00 per gallon for the first time since November, and it's very likely the trend of fluctuating prices will continue," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "We saw an increase in gasoline futures last week, which likely indicates that summer-blend gasoline is now moving into the market. OPEC and its allies also announced on Sunday that they would extend voluntary oil production cuts until the end of June. Both of these are contributing to upward pressure on pump prices." 

Quick Facts

  • 66% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.80 for regular unleaded 
  • The highest 10% of pump prices are $3.31 for regular unleaded
  • Tennessee is the 10th least expensive market in the nation

National Gas Prices

Drivers saw gas prices creep up the final week of February. The national average for a gallon of gas is $3.35, 9 cents higher than it was one week ago. The upward trend is likely to continue as travelers start heading out of town for Spring Break. 

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.2 to 8.47 million b/d last week. Meanwhile, total domestic gasoline stocks declined by 2.8 million bbl to 244.2 million bbl. Growing demand amid tighter supply has contributed to the increase in pump prices.

Today’s national average of $3.35 is 21 cents higher than a month ago but 4 cents less than a year ago, when the national average was $3.39. 

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by 33 cents to settle at $78.54. Oil prices fell after the EIA’s weekly report showed that total domestic commercial crude stocks increased by 4.2 million bbl to 447.2 million bbl last week. The supply increase could signal that crude demand is loosening, contributing to a reduction in oil prices.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Johnson City ($3.08), Clarksville ($3.05), Nashville ($3.05) 
  • Least expensive metro markets - Morristown ($2.92), Knoxville ($2.94), Chattanooga ($2.96) 


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

$3.010

$3.012

$2.958

$2.853

$3.051

Chattanooga

$2.961

$2.964

$2.909

$2.840

$3.018

Knoxville

$2.940

$2.937

$2.923

$2.756

$3.036

Memphis

$3.040

$3.029

$2.998

$2.898

$3.092

Nashville

$3.052

$3.056

$2.996

$2.899

$3.097

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.