Gas prices have once again reversed course across the state and are now moving less expensive. On average, gas prices in Tennessee fell six cents over last week. The Tennessee Gas Price average is now $3.37 which is seven cents less expensive than one month ago but 19 cents more than one year ago.
“Falling gas prices is typically what we see this time of year, as the end of the summer driving season usually results in lower gasoline demand,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “This year, the gradual seasonal decline in pump prices is being slowed by elevated oil costs that have been hovering around $90 per barrel.”
- 22% of Tennessee gas stations have prices below $3.25
- The lowest 10% of pump prices are $3.13 for regular unleaded
- The highest 10% of pump prices are $3.73 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
National Gas Prices
The national average for a gallon of gas hit what may be 2023’s peak price of $3.88 last week, only to slide a few cents in remainder of the week. Today’s average is $3.84 – four cents less than a week ago.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.31 to 8.41 million b/d last week. Meanwhile, total domestic gasoline stocks declined slightly from 220.3 to 219.5 million bbl. Higher gas demand, amid tighter supply, has contributed to elevated pump prices, but oil remaining above $90 per barrel continues to steer the price increases seen by drivers.
Today’s national average of $3.84 is two cents higher than one month ago and 13 cents more than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 92 cents to settle at $90.28. Oil prices decreased last week due to ongoing market concerns that energy demand could be lowered if future interest rate increases tip the U.S. economy into a recession. Additionally, prices declined last week despite the EIA reporting that total commercial crude stocks decreased by 2.1 million bbl to 418.5 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Nashville ($3.43), Jackson ($3.43), Memphis ($3.43)
- Least expensive metro markets – Chattanooga ($3.30), Knoxville ($3.31), Morristown ($3.34)
The current gas price average in Coffee County is $3.30