AAA: TN gas prices down 13 cents

Published 2:39 pm Monday, December 12, 2022

NASHVILLE — Tennessee gas prices are continuing their downward trend this week, falling 13 cents over last week. The Tennessee Gas Price average is now $2.84 which is nearly 47 cents less expensive than one month ago and 18 cents less than one year ago.

“Tennessee gas prices have fallen nearly 50 cents in the last month, and with continued downward pressure on pump prices, it’s likely this trend will continue as we get closer to the holidays,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “This year, holiday road trippers are receiving the early gift of plunging prices at the pump, which makes that road trip a little less expensive than anticipated.”

• 86% of Tennessee gas stations have prices below $3.00

• The lowest 10% of pump prices are $2.49 for regular unleaded

• The highest 10% of pump prices are $3.22 for regular unleaded

• Tennessee is the 7th least expensive market in the nation

The national average pump price plunged 14 cents since last week to $3.26, six cents less than a year ago. There are now approximately 34 states with averages lower than last year.

According to data from the Energy Information Administration (EIA), gas demand remained low at 8.36 million b/d last week, approximately 605,000 b/d lower than a year ago. Meanwhile, total domestic gasoline stocks rose significantly by 5.3 million bbl to 219.1 million bbl. Increasing supply and lower gasoline demand will push pump prices lower.

On Monday, Dec. 12, the national average of $3.26 is 52 cents less than a month ago and six cents less than a year ago.

At the close of Friday’s formal trading session, WTI decreased by 44 cents to settle at $71.02. Crude prices softened last week due to a stronger dollar. Additionally, crude prices were pushed down after the EIA reported that total domestic commercial crude stocks fell by 5.2 million bbl, a lower amount than the market expected. The domestic commercial crude supply is 19 million bbl lower than the beginning of December 2021. For this week, crude prices could slide if the market continues to worry that global oil demand will stagnate or decline into 2023, especially in China, due to rising coronavirus infection rates.

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

• Most expensive metro markets — Knoxville ($3.00), Morristown ($3.00), Memphis ($2.96)

• Least expensive metro markets — Clarksville ($2.71), Cleveland ($2.72), Nashville ($2.74)