Tennessee gas prices continue decline, anticipate cheapest pump prices since 2020

Published 12:30 pm Tuesday, November 21, 2023

FROM STAFF REPORTS
Gas prices in Tennessee, after a brief upward fluctuation last week, are once again trending lower just ahead of Thanksgiving. The current state gas price average is $2.93, down two cents from last Monday. This marks a notable decrease of 17 cents from a month ago and a significant 28-cent drop compared to this time last year.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, noted, “Even though we saw some slight fluctuation in our gas prices last week, gas prices are now moving less expensive – which is great news for the 1.2 million Tennesseans expected to take a holiday road trip over Thanksgiving. Drivers will likely see the cheapest prices at the pump for Thanksgiving since 2020.”
AAA predicts that the majority of Thanksgiving travelers in Tennessee, around 1.2 million individuals, will opt for road trips covering distances of 50 miles or more. This number marks an increase of over 28,000 Tennessee drivers (a 2.3% rise) compared to last year’s Thanksgiving travel figures.
Comparatively, last Thanksgiving, the average gas price in Tennessee stood at $3.16 per gallon. The current state average of $2.93 is notably 23 cents lower than the prices seen last Thanksgiving and potentially the lowest since 2020, when gas prices were at $1.89 per gallon in the state.
Quick facts about Tennessee gas prices:
77% of gas stations in Tennessee are offering prices below $3.00.
The lowest 10% of pump prices are at $2.65 for regular unleaded.
The highest 10% of pump prices are at $3.43 for regular unleaded.
Tennessee ranks as the 10th least expensive market for gas in the nation.
Nationally, gas prices are on a steady decline as Thanksgiving approaches. The current national average for a gallon of gas is $3.30, down six cents from last week. This drop continues a consistent downward trend over the past 60 days from the 2023 price peak.
Lower gas demand, coupled with declining oil prices, has contributed to the decreasing pump prices. National average gas prices are now 25 cents less than a month ago and 37 cents lower than a year ago.
Oil prices saw a decline last week due to reduced concerns regarding escalating conflict in the Middle East affecting regional oil production. The EIA reported an increase of 3.6 million bbl in total domestic commercial crude inventories, totaling 439.4 million bbl last week.
For up-to-date gas prices along their route, drivers can utilize the AAA TripTik Travel planner. In Tennessee, Morristown ($3.00), Nashville ($2.99), and Jackson ($2.97) currently hold the title for the most expensive metro markets for gas, while Chattanooga ($2.75), Clarksville ($2.87), and Kingsport ($2.90) offer the least expensive gas prices.

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