AAA: TN gas prices rise eight cents
Published 12:22 pm Monday, July 24, 2023
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Tennessee is still the second least expensive market in the nation for gas prices
NASHVILLE — Tennessee gas prices are continuing to fluctuate, moving eight cents more expensive, on average, since last Monday. The Tennessee Gas Price average is now $3.17 which is five cents more expensive than one month ago but 77 cents less than one year ago.
“Gas prices are still fluctuating across the state, and even though prices moved higher on the week, Tennessee still has the second cheapest state gas price average in the country,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Given the recent uptick in crude oil prices it will likely take a couple of weeks for pump prices to normalize across the state. Until then, drivers should expect to see additional fluctuations in pump pricing.”
Quick Facts
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16% of Tennessee gas stations have prices below $3.00
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The lowest 10% of pump prices are $2.94 for regular unleaded
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The highest 10% of pump prices are $3.52 for regular unleaded
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Tennessee remains the 2nd least expensive market in the nation
National Gas Prices
Despite another week of lackluster demand for gasoline, pump prices rose three cents since last Monday to $3.59. The primary culprit is a higher oil price, which has recently increased to the mid-$70s per barrel.
According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 8.76 to 8.86 million b/d last week. Meanwhile, total domestic gasoline stocks fell from 219.5 to 218.4 million bbl. With supplies tight, if demand climbs, pump prices will follow suit.
On July 24, the national average of $3.59 is two cents more than a month ago but 77 cents less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI decreased by 40 cents to settle at $75.35. Oil prices slid last week in response to market concerns that crude demand may soften in the months ahead. Due to extended repair timelines at refineries, lower refinery oil usage rates could influence how much oil prices decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 700,000 bbl to 457.4 million bbl.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
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Most expensive metro markets – Cleveland ($3.25), Nashville ($3.25), Memphis ($3.22)
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Least expensive metro markets – Morristown ($3.05), Johnson City ($3.07), Knoxville ($3.08)
