Tennessee gas prices fluctuate, averaging $3.03 per gallon

Published 1:50 pm Monday, June 17, 2024

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NASHVILLE – Tennessee gas prices fluctuated over the last week, ultimately landing a penny higher than last Monday. The state average is now $3.03 per gallon, which is 14 cents less expensive than one month ago and 13 cents less than one year ago.

“We saw our Tennessee gas price average briefly fall below $3 per gallon last week and then fluctuate higher before declining over the weekend,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Crude oil prices regained some strength last week, so we could see some additional fluctuation in pricing over this week. The good news, however, is that Tennessee has the 7th least expensive state gas price average in the country.”

Four Tennessee metro areas currently have a metro average below $3 per gallon: Chattanooga ($2.95), Kingsport ($2.96), Clarksville ($2.97), and Knoxville ($2.99).

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AAA Offers Safety Tips as Temperatures Rise in Tennessee

With forecasts predicting temperatures in the 90s for portions of the state this week, AAA is urging motorists to keep their children, pets, and vehicles safe during the extreme heat expected this weekend.

“The interior of a vehicle can heat up to deadly temperatures much more quickly than we realize, especially during times of extreme heat like we are expecting this week,” said Megan Cooper, spokesperson for AAA – The Auto Club Group. “We are urging parents and caregivers to not underestimate the risks that excessive heat can pose and to understand that hot car deaths are preventable.”

National Gas Prices

The national average for a gallon of gasoline remains the same as last Monday at $3.44. The main reasons for prices holding steady are lackluster gasoline demand and burgeoning supply.

According to new data from the Energy Information Administration (EIA), gas demand crept higher from 8.94 million b/d to 9.04 million b/d last week. Meanwhile, total domestic gasoline stocks jumped from 230.9 million barrels to 233.5 million barrels as production increased last week, averaging 10.1 million barrels per day. Mediocre gasoline demand, increasing supply, and stable oil costs will likely lead to falling pump prices.

On June 17, the national average is $3.44, 15 cents less than a month ago and 13 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose by 60 cents to settle at $78.50 a barrel. The EIA reports that crude oil inventories increased by 3.7 million barrels from the previous week. At 459.7 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: Nashville ($3.10), Jackson ($3.08), Memphis ($3.03)
  • Least expensive metro markets: Chattanooga ($2.95), Kingsport ($2.96), Clarksville ($2.97)