Gas prices are trending slightly lower as over 751,000 Tennesseans are forecast to take a road trip over the Memorial Day weekend. The Tennessee Gas Price average is now $3.12 which is 21 cents less expensive than one month ago and $1.17 less than one year ago.
The average price for a gallon of regular unleaded gasoline in Coffee County is $3.08, according to AAA. That price is 4 cents below the state average and 46 cents below the national average, which is $3.54.
“Tennesseans planning a holiday road trip this weekend will spend a dollar per gallon less at the pump than they did last Memorial Day, ” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “It’s likely that gas prices across the state will continue to fluctuate this week, however, it looks like most of the expected changes should be favorable for drivers. The even better news is that it is highly unlikely prices will come anywhere near last year’s state average of $4.27 per gallon for the holiday weekend.
- 33% of Tennessee gas stations have prices below $3.00
- The lowest 10% of pump prices are $2.88 for regular unleaded
- The highest 10% of pump prices are $3.50 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
National Gas Prices
The usual ebb and flow of pump prices took a break last week, with the national average for a gallon of gas rising only a penny to $3.54. A decline in demand and the low cost of oil are the main culprits.
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million b/d last week. The drop has reduced pressure on pump prices. Mean-while, total domestic gasoline stocks decreased by 1.4 million bbl to 218.3 million bbl. If gas demand continues to decrease, drivers could see pump prices follow suit.
Today’s national average of $3.54 is 13 cents less than a month ago and $1.05 less than a year ago.