Tennessee gas prices dip one cent, state ranks 11th least expensive

Published 4:49 pm Monday, January 22, 2024

FROM STAFF REPORTS
NASHVILLE — Tennessee’s gas prices experienced minimal change, dropping by just one cent on average over the past week. The current Tennessee Gas Price average stands at $2.71, marking an 11-cent decrease compared to last month and a notable 43-cent reduction from a year ago.
Megan Cooper, spokeswoman for AAA – The Auto Club Group, commented on the stability in gas prices despite varied weather conditions across the state. Cooper stated, “This week is likely to bring lower demand since a large portion of the country is still dealing with cold weather and snow on the ground. If upward pressure continues on oil prices, we may see our pump prices fluctuate throughout the week; however, it’s likely that lower fuel demand and excess fuel supplies will continue to keep prices low this week.”
Quick Facts:
67% of Tennessee gas stations have prices below $2.75.
The lowest 10% of pump prices are $2.46 for regular unleaded.
The highest 10% of pump prices are $3.06 for regular unleaded.
Tennessee has fallen to the 11th least expensive market in the nation.
National Gas Prices:
The national average for a gallon of gas inched up by one cent since last week, reaching $3.07. Inclement weather has impacted refining operations and gasoline distribution, resulting in pump price increases in some frigid regions.
Recent data from the Energy Information Administration (EIA) indicates robust gas demand, with a slight decrease from 8.33 to 8.27 million b/d last week. Total domestic gasoline stocks increased by 3.1 million bbl to 248.1 million bbl. While fluctuating oil prices, coupled with high demand, have driven pump prices up, rising stock levels have limited price gains. Continued upward pressure on oil prices may lead to steady increases in pump prices in the coming weeks.
The current national average of $3.07 is five cents less than a month ago and 34 cents less than a year ago.
National Oil Market Dynamics:
At the close of Wednesday’s formal trading session, WTI increased by 16 cents to settle at $72.56. Oil prices rose last week due to supply outages from winter storms, causing concerns about meeting demand. Additionally, the EIA reported a 2.5 million bbl decrease in total domestic commercial crude stocks to 429.9 million bbl.
Motorists can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices:
Most expensive metro markets – Jackson ($2.82), Memphis ($2.81), Johnson City ($2.79)
Least expensive metro markets – Chattanooga ($2.64), Knoxville ($2.65), Morristown ($2.68)

Subscribe to our free email newsletter

Get the latest news sent to your inbox