Tennessee is the 7th least expensive market in the nation

28 November 2022

NASHVILLE, Tenn., (November 28, 2022) —  Tennesseans had a little extra to be thankful for last week as gas prices continued to trend lower, falling an average of 10 cents over the course of the week. The Tennessee Gas Price average is now $3.10 which is 23 cents less expensive than one month ago and only half a penny more expensive than one year ago.  

"We were able to avoid record-high gas prices for Thanksgiving this year in Tennessee, and it looks like the downward trend at the pump is likely to continue for now," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "Pump prices are seeing downward pressure from steep drops in oil pricing and strong gains in domestic gasoline supplies. Barring any major changes in the overall market, it’s looking like Tennesseans can expect more drops at the pump this week."

Quick Facts

  • 38% of Tennessee gas stations have prices below $3.00 per gallon
  • The lowest 10% of pump prices are $2.80 for regular unleaded 
  • The highest 10% of pump prices are $3.46 for regular unleaded
  • Tennessee is the 7th least expensive market in the nation 

National Gas Prices

The national average pump price for a gallon of gas dropped 12 cents in the past week. It is the steepest weekly decline since early August—nearly four months ago. Meanwhile, the cost of oil edged lower on fears of economic slowdowns elsewhere around the globe. Because of these factors, the national average for a gallon of gas fell to $3.54.

According to data from the Energy Information Administration (EIA), gas demand fell from 8.74 million to 8.33 million b/d last week. Meanwhile, total domestic gasoline stocks rose by more than 3 million bbl to 211 million bbl. Increasing supply and fewer drivers fueling up have pushed pump prices lower. As demand remains low and stocks grow, drivers will likely see pump prices keep falling.

Today’s national average of $3.54 is 22 cents less than a month ago and 15 cents more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $1.66 to settle at $76.28. Crude prices dropped last week despite the EIA reporting that total domestic commercial crude stocks had declined substantially by 3.7 million bbl. Instead, prices declined because the market is concerned that oil demand could decrease due to growing economic concerns. For this week, persistent concerns that economic growth might stall or reverse course could push prices lower. However, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, collectively known as OPEC+, are meeting on December 4. In October, OPEC+ decided to cut its collective crude oil output by 2 million b/d through 2023. If OPEC+ decides to revise its production reduction agreement to more than 2 million b/d, prices could spike.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Jackson ($3.23), Knoxville ($3.18), Morristown ($3.17)
  • Least expensive metro markets - Clarksville ($2.99), Chattanooga ($3.03), Nashville ($3.06)


Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

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Monday

Sunday

Week Ago

Month Ago

One Year Ago

Tennessee

$3.104

$3.115

$3.207

$3.336

$3.099

Chattanooga

$3.033

$3.052

$3.140

$3.313

$3.072

Knoxville

$3.185

$3.190

$3.237

$3.330

$3.114

Memphis

$3.168

$3.178

$3.277

$3.408

$3.138

Nashville

$3.067

$3.076

$3.198

$3.357

$3.106

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 13 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 62 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.