Cheapest Thanksgiving at the pump since 2015

30 November 2020

NASHVILLE, Tenn., (November 30, 2020) — The Tennessee gas price average is trending higher this week after the Thanksgiving holiday. The Tennessee Gas Price average  is now $1.89 which is four cents more expensive on the week, the same price as one month ago and nearly 42 cents less than one year ago. 

“Tennesseans who took a holiday road trip last week found the lowest Thanksgiving gas prices since 2015,” said Megan Cooper, spokesperson, AAA - The Auto Club Group. “Gas prices averaged $1.88 on Thanksgiving Day, the same as five years ago and 43 cents cheaper than last year’s holiday.”

Tennessee drivers found the lowest gas prices for the month of November in 17 years. The monthly average was $1.87 per gallon, which is 45 cents less than November 2019 and 58 cents less than what drivers paid in November 2018. 

 

Quick Facts

  • 92% of Tennessee gas stations have prices below $2.00
  • The lowest 10% of pump prices are $1.70 for regular unleaded
  • The highest 10% of pump prices are $2.18 for regular unleaded
  • Tennessee moved to the 10th least expensive market in the nation

National Gas Prices

Following the Thanksgiving holiday, the national gas price average is more expensive. At $2.12, it is two cents more than a week ago, but remains cheaper compared to last month (-2 cents) and last year (-46 cents). 

Despite the small increase at the pump, U. S. gasoline stocks increased and demand decreased, according to the Energy Information Administration’s reports for the week ending November 20. Demand dropped to 8.1 million b/d, a five month low, and stocks built by 2.2 million bbl to total 230.1 million bbl.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by 18 cents to settle at $45.53. While domestic crude prices decreased that day, due to increasing coronavirus infection rates, crude prices grew overall last week amid increased optimism that a vaccine for the coronavirus will be available by the end of 2020. Prices were also bolstered by EIA’s weekly report revealing that total domestic crude inventories fell by 800,000 bbl to 488.7 million bbl last week.

Today and tomorrow, the Organization of the Petroleum Exporting Countries (OPEC) will meet with its partners, including Russia and Kazakhstan, to decide if they will continue status quo or increase current crude supply cuts. Either outcome could cause crude prices to continue to climb. Currently, OPEC and its allies in the production reduction agreement have agreed to cut crude output by 7.7 million b/d — approximately 8 percent of global demand — through the end of 2020.

Tennessee Regional Prices

  • Most expensive metro markets –  Cleveland ($1.95), Memphis ($1.95), Jackson ($1.93)
  • Least expensive metro markets – Clarksville ($1.84), Johnson City ($1.85), Knoxville ($1.87)

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

$1.894

$1.892

$1.852

$1.891

$2.311

Chattanooga

$1.892

$1.895

$1.750

$1.786

$2.291

Knoxville

$1.865

$1.860

$1.826

$1.872

$2.289

Memphis

$1.947

$1.941

$1.927

$1.941

$2.345

Nashville

$1.890

$1.893

$1.862

$1.909

$2.342

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.