Gas prices in Tennessee hold steady, national average dips slightly

Published 2:38 pm Monday, April 29, 2024

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NASHVILLE — Gas prices across Tennessee remained relatively stable over the past week, increasing by only two cents on average. The Tennessee Gas Price average now stands at $3.26, marking an 11-cent increase compared to one month ago and a three-cent rise compared to one year ago.

“It was a relatively quiet week for pump prices across the state, with many parts of the state seeing little movement over last week,” stated Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Barring any major changes in the market or crude oil pricing, it’s likely that we could see gas prices hold steady again this week.”

National Gas Prices

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Nationwide, the average gasoline price decreased by two cents since last week to $3.65. Data from the Energy Information Administration (EIA) revealed a decline in gas demand from 8.66 to 8.42 million b/d last week. Additionally, total domestic gasoline stocks decreased by 0.6 million bbl to 226.7 million bbl. Lower demand and a drop in oil prices may further reduce pump prices.

On April 29, the national average of $3.65 represents a 12-cent increase compared to a month ago and a four-cent increase compared to a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI (West Texas Intermediate) decreased by 55 cents to settle at $82.81 per barrel. Despite the EIA reporting a 6.4 million-barrel decrease in crude oil inventories from the previous week, oil prices declined. U.S. crude oil inventories now stand at 454 million barrels, 4% below the five-year average for this time of year.

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

Tennessee Regional Prices

In Tennessee’s metro markets, the most expensive areas for gas include Nashville ($3.32), Clarksville ($3.30), and Jackson ($3.29). Conversely, the least expensive metro markets are Kingsport ($3.16), Johnson City ($3.17), and Morristown ($3.20).