Tennessee gas prices show slight decline, remain 5th least expensive market nationwide

Published 8:23 am Tuesday, April 2, 2024

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NASHVILLE – Gas prices in Tennessee experienced a slight decrease over the past week, providing some relief for drivers across the state. According to AAA – The Auto Club Group, the average gas price in Tennessee now stands at $3.15 per gallon, reflecting a three-cent drop from the previous week. While this marks an increase of 14 cents compared to last month, it is six cents lower than the prices recorded one year ago.

Megan Cooper, spokeswoman for AAA – The Auto Club Group, commented on the recent trend, stating, “We’re still continuing to see the fluctuation in pricing we would expect to see at the gas pump this time of year. Fortunately for drivers, prices at the pump did move slightly less expensive over last week.”

Key statistics regarding Tennessee gas prices include:

  • 76% of Tennessee gas stations are currently offering prices below $3.25 per gallon.
  • The lowest 10% of pump prices in the state are recorded at $2.90 for regular unleaded.
  • Conversely, the highest 10% of pump prices stand at $3.51 for regular unleaded.
  • Tennessee ranks as the 5th least expensive market for gas in the nation.

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National Gas Prices

While the national average for a gallon of gas remained stable at $3.53 over the past week, industry experts warn that this break in price may be temporary. Gas pump prices are expected to resume their spring increase as demand fluctuates and oil prices remain elevated.

Data from the Energy Information Administration (EIA) indicates a slight decrease in gas demand from 8.81 to 8.72 million barrels per day (b/d) last week. Despite this, total domestic gasoline stocks increased by 1.3 million barrels to 232.1 million barrels. Rising oil prices have counteracted the effects of lower demand, contributing to sustained gas prices at the national level.

The current national average of $3.53 reflects a 20-cent increase compared to last month and a three-cent increase compared to last year.

National Oil Market Dynamics

Oil prices experienced a slight decrease in the previous week, with West Texas Intermediate (WTI) settling at $81.35 per barrel. This decline followed the EIA’s report of a 3.2 million barrel increase in total domestic commercial crude stocks, which now stand at 448.2 million barrels. Despite this increase compared to the previous year, current stock levels remain 25.5 million barrels lower than those recorded in March 2023.

Tennessee Regional Prices

In Tennessee’s metro markets, Jackson ($3.23), Memphis ($3.21), and Clarksville ($3.20) have reported the highest gas prices. Conversely, Cleveland ($3.05), Morristown ($3.05), and Chattanooga ($3.05) have recorded the lowest prices among metro areas.

Drivers can access real-time gas prices along their route using the AAA TripTik Travel planner.

Note: All prices mentioned are subject to change and based on available data at the time of reporting.