Gas prices in Tennessee fluctuate, remain lower than last month and last year

Published 2:25 pm Monday, October 30, 2023

NASHVILLE — After five consecutive weeks of declining gas prices, the average gas price in Tennessee briefly rose mid-week but then decreased again over the weekend. The current state gas price average is now only one cent higher than last week at $3.10. This price is 22 cents lower than both the prices one month and one year ago.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, noted, “We observed significant price fluctuations in some metro areas last week, leading to a slight overall increase in the state gas price average. Prices increased by an average of five cents from Monday to Wednesday last week, but by the weekend, they had dropped by another four cents. If oil prices continue to decrease, drivers can likely expect further declines in pump prices this week.”
Here are some quick facts:
37% of Tennessee gas stations have prices below $3.00.
The lowest 10% of pump prices are at $2.82 for regular unleaded.
The highest 10% of pump prices are at $3.52 for regular unleaded.
Tennessee currently ranks as the 8th least expensive market for gas in the nation.

National Gas Prices:
The national average for a gallon of gas has decreased by five cents since last week, now standing at $3.49. Despite a decrease in demand, the pace of falling gas prices is somewhat offset by the cost of oil, which remains around the mid-$80s per barrel.
Recent data from the Energy Information Administration (EIA) indicates a decrease in gas demand from 8.94 to 8.86 million barrels per day (b/d) last week. However, total domestic gasoline stocks increased slightly to 223.5 million barrels. Reduced gas demand and declining oil prices are contributing to lower pump prices. If oil prices continue to drop, drivers can anticipate further reductions in the coming weeks.
The current national average of $3.49 is 33 cents less than a month ago and 27 cents less than a year ago.

National Oil Market Dynamics:
At the end of Wednesday’s formal trading session, WTI (West Texas Intermediate) crude oil prices increased by $1.65 to settle at $85.29. The rise in oil prices was attributed to concerns about the potential escalation of the Israel-Hamas conflict, as Israel appears to be preparing for ground operations. Additionally, the EIA reported a slight increase in total domestic commercial crude supply, which reached 421.1 million barrels.
Drivers can check current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices:
The most expensive metro markets in Tennessee include Nashville ($3.18), Jackson ($3.13), and Morristown ($3.12). On the other hand, the least expensive metro markets are Chattanooga ($2.97), Clarksville ($3.05), and Kingsport ($3.06).

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