Tennessee gas prices continue downward trend, averaging $3.02

Published 3:57 pm Monday, June 10, 2024

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NASHVILLE — Gas prices across Tennessee continued their downward trend over the past week, dropping by an average of six cents. The Tennessee gas price average now stands at $3.02, which is 24 cents cheaper than one month ago and 13 cents less than the same time last year.

“Tennessee is now in its fifth week of gas price declines, and we’re getting very close to dropping under the $3 per gallon mark. The last time our state gas price average fell below $3 was in February,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “If crude oil prices hold steady, it’s very likely that we’ll see our gas prices fall again this week.”

National Gas Prices

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On the national level, gasoline prices decreased by nine cents over the past week, bringing the average to $3.44. This marks the largest weekly drop of the year. According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 million barrels per day to 8.94 million barrels per day last week. Meanwhile, total domestic gasoline stocks increased from 228.8 million barrels to 230.9 million barrels. Tepid gasoline demand, increasing supply, and falling oil costs are likely to continue driving down pump prices.

On June 10, the national average of $3.44 is 19 cents less than a month ago and 14 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, West Texas Intermediate (WTI) crude oil rose by 82 cents to settle at $74.07 per barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

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

Tennessee Regional Prices

  • Most expensive metro markets: Jackson ($3.10), Morristown ($3.07), Memphis ($3.06)

Least expensive metro markets: Chattanooga ($2.88), Clarksville ($2.97), Kingsport ($3.00)