Tennessee ranks 10th for most affordable gas prices as Thanksgiving travelers enjoy three-year low at the pump
Published 12:33 pm Monday, November 27, 2023
NASHVILLE – Tennessee has secured its place among the nation’s most affordable gas markets, ranking as the 10th least expensive, according to recent data. The state’s gasoline prices have been on a downward trend, continuing to drop ahead of Thanksgiving, a holiday marked by a forecasted 1.2 million Tennesseans hitting the road for celebrations.
The current Tennessee Gas Price average sits at $2.87 per gallon, marking a 26-cent decrease from just a month ago and a 24-cent drop from the prices recorded a year prior.
Megan Cooper, a spokesperson for AAA – The Auto Club Group, attributed this decline to recent plunges in crude oil prices coupled with the usual seasonal decrease in gasoline demand. Cooper emphasized that unless unforeseen spikes occur in crude oil prices or substantial shifts in the oil market take place, gas prices are likely to remain at this lower range through the year’s end.
For those embarking on Thanksgiving road trips, the holiday brought the most pocket-friendly gas prices witnessed in Tennessee over the past three years. This year, the average price at the pump during Thanksgiving stood at $2.89 per gallon, notably lower than the $3.15 per gallon recorded last year. In the previous year, 2020, drivers were even luckier, paying merely $1.89 per gallon on Thanksgiving Day.
Key points underline the affordability of gas in Tennessee: 89% of gas stations in the state sell fuel below the $3.00 mark, with the lowest 10% offering regular unleaded at $2.60 per gallon and the highest 10% pricing it at $3.34 per gallon.
Across different metro markets in Tennessee, disparities in gas prices persist. The most expensive areas include Memphis at $2.93 per gallon, followed by Jackson at the same price point, and Nashville at $2.92 per gallon. Conversely, the least expensive regions feature Chattanooga with prices as low as $2.70 per gallon, followed closely by Clarksville and Cleveland, both registering at $2.80 per gallon.
As Thanksgiving travelers hit the roads, these figures offer a favorable backdrop, allowing many Tennesseans to enjoy more affordable journeys during the holiday season.