NASHVILLE, Tenn.,
05
February
2024
|
15:20 PM
America/Chicago

TN Gas Prices Rise Five Cents

Tennessee falls to the 16th least expensive market in the nation

NASHVILLE, Tenn., (February 5, 2024) — For the second week in a row, Tennessee gas prices have moved more expensive. Over last week, pump prices moved five cents more expensive, on average. The Tennessee Gas Price average is now $2.84 which is 13 cents more expensive than one month ago but 36 cents less than one year ago.  

"Last week we saw pump prices rise fairly quickly early in the week, however, we have seen our state gas price average consistently decline since Friday," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Right now fluctuating oil prices and higher gasoline demand are contributing to higher pump prices. It's likely that drivers will continue to see fluctuating prices this week. If crude oil prices move more expensive, drivers may see pump prices rise again this week."

Quick Facts

  • 23% of Tennessee gas stations have prices below $2.75 
  • The lowest 10% of pump prices are $2.61 for regular unleaded 
  • The highest 10% of pump prices are $3.12 for regular unleaded
  • Tennessee fell to the 16th least expensive market in the nation

National Gas Prices

The national average for a gallon of gas rose four cents since last week to $3.14. The upward trend is likely a combination of oil costs edging into the upper $70s per barrel and normal seasonal increases as winter eases and demand for gas creeps higher.

According to new data from the Energy Information Administration (EIA), gas demand increased from 7.89 to 8.14 million b/d last week. Meanwhile, total domestic gasoline stocks rose by 1.1 million bbl to 254.1 million bbl. Higher gas demand and fluctuating oil prices have contributed to increasing pump prices. If oil prices continue to face upward pressure, drivers may see pump prices rise.

Today’s national average of $3.14 is six cents more than a month ago but 33 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by $1.97 to settle at $75.85. Oil prices declined last week amid a strengthening dollar and no indications of new attacks in the Red Sea. Earlier in the week, attacks against shippers raised prices as commercial ships transiting the Red Sea sought longer, more expensive routes to avoid violence. Additionally, the EIA reported that total domestic retail crude stocks increased by 1.2 million bbl to 421.9 million bbl.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Johnson City ($2.94), Clarksville ($2.90), Memphis ($2.89) 
  • Least expensive metro markets - Knoxville ($2.75), Morristown ($2.79), Chattanooga ($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

$2.846

$2.853

$2.793

$2.719

$3.208

Chattanooga

$2.821

$2.840

$2.759

$2.587

$3.196

Knoxville

$2.754

$2.756

$2.752

$2.710

$3.170

Memphis

$2.897

$2.898

$2.850

$2.800

$3.268

Nashville

$2.886

$2.899

$2.811

$2.718

$3.247

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.