NASHVILLE, Tenn.,
30
October
2023
|
21:15 PM
America/Chicago

TN Gas Prices Rise a Penny

Tennessee falls to the 8th least expensive state gas price average in the country

NASHVILLE, Tenn., (October 30, 2023) — After declining for five consecutive weeks, the Tennessee state gas price average moved higher mid-week last week, but fortunately moved lower again by the weekend. Today’s state gas price average is only a penny more expensive than last week’s. The Tennessee Gas Price average is now $3.10 which is 22 cents less expensive than both one month and one year ago. 

"We saw quite a bit of movement in pump pricing in some of our metro areas last week, which helped to push the state gas price average more expensive. From Monday to Wednesday last week, gas prices shot up five cents, on average, but by the weekend gas prices had dropped by another four cents," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "If oil prices continue to move less expensive, drivers can likely expect to see pump prices continue to decline over this week." 

Quick Facts

  • 37% of Tennessee gas stations have prices below $3.00 
  • The lowest 10% of pump prices are $2.82 for regular unleaded 
  • The highest 10% of pump prices are $3.52 for regular unleaded
  • Tennessee is the 8th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas dipped by five cents since last week to $3.49. Despite slackening demand, the pace of falling gas prices is being held up by the cost of oil, which is hovering in the mid-$80s per barrel.  

According to new data from the Energy Information Administration (EIA), gas demand decreased from 8.94 to 8.86 million b/d last week. On the other hand, total domestic gasoline stocks increased slightly to 223.5 million bbl. Lower gas demand, alongside declining oil prices, has contributed to pushing pump prices down. If oil prices continue to descend, drivers can expect further price drops at the pump in the weeks ahead.   

Today’s national average of $3.49 is 33 cents less than a month ago and 27 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI increased by $1.65 to settle at $85.29. The oil price rose last week due to concerns that the Israel-Hamas war could escalate soon as Israel appears to be preparing for ground operations. Additionally, the EIA reported that total domestic commercial crude supply increased by 1.4 million bbl to 421.1 million bbl. 

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

Tennessee Regional Prices 

  • Most expensive metro markets - Nashville ($3.18), Jackson ($3.13), Morristown ($3.12) 
  • Least expensive metro markets - Chattanooga ($2.97), Clarksville ($3.05), Kingsport ($3.06) 


Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.101

$3.109

$3.093

$3.321

$3.328

Chattanooga

$2.970

$2.999

$2.950

$3.219

$3.296

Knoxville

$3.077

$3.081

$3.114

$3.283

$3.333

Memphis

$3.115

$3.119

$3.160

$3.393

$3.402

Nashville

$3.183

$3.192

$3.114

$3.361

$3.343

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.