Tennessee gas prices, on average, are two cents less than a week ago

29 March 2021

NASHVILLE, Tenn., (March 29, 2021) — For the first time this year, the Tennessee Gas Price Average decreased week over week - falling 2 cents over the last week. The Tennessee Gas Price average is now $2.67 which is nearly 17 cents more than one month ago and 89 cents more than one year ago. 

“Growing stock levels and cheaper crude oil prices are putting downward pressure on pump prices for the majority of motorists,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “These are positive signs that less expensive gas prices could be around the corner, but not enough to indicate a steady trend just yet.”

 

Quick Facts

  • 80% of Tennessee gas stations have prices below $2.75
  • The lowest 10% of pump prices are $2.44 for regular unleaded
  • The highest 10% of pump prices are $2.95 for regular unleaded

National Gas Prices

At $2.86, the national average has decreased week-over-week for the first time since November of last year. Today’s average is two cents cheaper on the week. Since last Monday, 45 states also saw their averages decrease or no change at the pump.

 

Demand is one factor influencing gas prices. The Energy Information Administration (EIA) reported last week that demand was up by 174,000 b/d to 8.6 million b/d. That reading is just 222,000 b/d short of levels one year ago, when demand started to dip. If demand continues to increase, prices could follow. Gasoline stocks also saw a moderate increase with a build of 200,000 b/d. However, refinery utilization hit 82% indicating we could see a larger build in stocks this week, a factor that could help keep pump prices in check.

 

While a few cents cheaper on the week, the national gas price average is 15 cents more expensive on the month and 84 cents more expensive on the year. Those gaps, as well as stock levels and demand readings, are likely to widen in coming weeks as this time last year gas prices and related factors started to take a sharp turn due to the pandemic.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased to settle at $60.97. Prices fluctuated throughout the week from a low of $57.76 to a high of $61.55 in reaction to world news, including concerns of new European Union lock downs and tight vaccination supplies throughout local economies. Also affecting the price of crude was news Thursday of a stranded container ship, which continued to block the Suez Canal, a major international oil-supply route. Reports out early today indicate that the ship has partially been refloated. While ships started to re-route last week, oil deliveries could be delayed. This is likely to have limited impact here as US oil production should be able to keep stateside supply balanced and in turn, prices stable until the canal clears.

Tennessee Regional Prices

  • Most expensive metro markets –  Memphis ($2.73), Johnson City ($2.71), Jackson ($2.70)
  • Least expensive metro markets – Cleveland ($2.55), Chattanooga ($2.61), Clarksville ($2.63)

Tennessee Gas Price Averages

(Price per gallon of regular unleaded gasoline)

vcsPRAsset_522440_105553_279a6033-181d-4f41-a971-72bcb183d553_0

Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$2.668

$2.670

$2.688

$2.503

$1.782

Chattanooga

$2.611

$2.613

$2.632

$2.441

$1.714

Knoxville

$2.678

$2.680

$2.708

$2.470

$1.815

Memphis

$2.732

$2.730

$2.742

$2.576

$1.636

Nashville

$2.668

$2.671

$2.685

$2.529

$1.908

Click here to view current gasoline price averages

 

 

About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America with more than 14 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.