AAA: TN gas prices fall five cents

Published 1:00 pm Monday, September 11, 2023

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Tennessee now has the third least expensive state gas price average in country
NASHVILLE — Gas prices across Tennessee have moved less expensive for three straight weeks. The Tennessee Gas Price average is now $3.36 which is eight cents less expensive than one month ago and nine cents more than one year ago.
“Gas prices are continuing to shift lower, despite a recent surge in crude oil prices over last week,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Increasing oil prices amid tightening supply may begin to push pump prices higher in the coming weeks. Drivers can likely expect to see continued volatility, as we typically see increases in pump pricing following big jumps in the price of crude oil. The silver lining for now is that Tennessee has the third least expensive state gas price average in the country.”

Quick Facts
* 26% of Tennessee gas stations have prices below $3.25
* The lowest 10% of pump prices are $3.12 for regular unleaded
* The highest 10% of pump prices are $3.73 for regular unleaded
* Tennessee is the third least expensive market in the nation

National Gas Prices
The national average for a gallon of gas dipped a bit following the long Labor Day weekend, but rose two cents over the weekend to $3.83.
According to new data from the Energy Information Administration (EIA), gas demand increased from 9.07 to 9.32 million b/d last week. Meanwhile, total domestic gasoline stocks dropped from 217.4 to 214.7 million bbl. Rising oil prices, higher gas demand, and tighter supply may push pump prices higher.
On September 11, the national average of $3.83 is a penny less than a month ago but twelve cents more than a year ago.

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National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased by 85 cents to settle at $87.54. The price of oil increased last week amid news that Saudi Arabia plans to continue its voluntary 1 million b/d production cut through the end of the year. Tight supply could boost oil prices if demand remains robust. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly from 422.9 to 416.6 million bbl.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices
* Most expensive metro markets – Jackson ($3.47), Memphis ($3.44), Nashville ($3.42)
* Least expensive metro markets – Chattanooga ($3.27), Johnson City ($3.28), Kingsport ($3.30)