Tennessee ranks as 7th least expensive gas market in the U.S.

Published 2:09 pm Monday, April 22, 2024

Getting your Trinity Audio player ready...

NASHVILLE — Tennessee residents experienced a slight relief at the gas pump last week as prices dropped by four cents on average. The state’s gas price average now stands at $3.24 per gallon, marking a four-cent increase from one month ago but a nine-cent decrease compared to the same period last year.

According to Megan Cooper, spokeswoman for AAA – The Auto Club Group, “Tennessee drivers saw a nice change in pace for gas prices, with slightly lower prices emerging at the pump over last week. This time of year we typically see a lull in gasoline demand since spring break trips are in the rearview mirror, but the next big travel holiday isn’t until Memorial Day. If oil prices continue to decrease over this week, it’s likely that Tennesseans could see another break in pump prices. However, we still cannot rule out additional fluctuation given the uncertainty in the market.”

Quick Facts:

  • 58% of Tennessee gas stations have prices below $3.25.
  • The lowest 10% of pump prices are $3.00 for regular unleaded.
  • The highest 10% of pump prices are $3.57 for regular unleaded.
  • Tennessee is the 7th least expensive market in the nation.

Subscribe to our free email newsletter

Get the latest news sent to your inbox

National Gas Prices:

The national average for a gallon of gas climbed just four cents to $3.67 since last week. Decreasing oil prices and lackluster domestic demand for gasoline contributed to this slight increase. However, oil prices have dipped into the low $80s per barrel after reaching the upper $80s due to tensions in the Middle East.

According to data from the Energy Information Administration (EIA), gas demand rose slightly from 8.61 to 8.66 million b/d last week, while total domestic gasoline stocks decreased by 1.1 million bbl to 227.4 million bbl.

National Oil Market Dynamics:

WTI crude oil prices decreased by $2.67 to settle at $82.86 at the close of Wednesday’s formal trading session. This drop followed the EIA’s report of a 2.7 million barrel increase in crude oil inventories from the previous week. However, U.S. crude oil inventories are just 1% below the five-year average for this time of year, standing at 460.0 million barrels.

Drivers can find current gas prices along their route using the AAA TripTik Travel planner.

Tennessee Regional Prices:

  • Most expensive metro markets: Jackson ($3.29), Memphis ($3.28), Nashville ($3.26).
  • Least expensive metro markets: Cleveland ($3.14), Chattanooga ($3.14), Johnson City ($3.18).