AAA: TN Gas Prices Rise 9 Cents

NASHVILLE, Tenn., (April 10, 2023) —  Gas prices across the state are continuing their upward trend for the third week, after rising a total of 9 cents, on average, over the course of last week. The Tennessee Gas Price average is now $3.30 which is 15 cents more expensive than one month ago but 59 cents less than one year ago.  

"Last week’s expected jump at the pump came after OPEC’s announcement of oil production cuts starting next month that immediately caused oil prices to surge, " said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "After initial gains early in the week, we did see the oil market plateau through the rest of last week, fortunately. It’s still likely that gas prices could fluctuate upwards in many parts of the state this week before fully adjusting to the moves in the futures market." 

Quick Facts

• 37% of Tennessee gas stations have prices below $3.25
• The lowest 10% of pump prices are $3.05 for regular unleaded 
• The highest 10% of pump prices are $3.58 for regular unleaded
• Tennessee remains the 11th least expensive market in the nation 

National Gas Prices

OPEC’s announcement last weekend that it will cut production by over a million barrels per day starting in a month took the oil market by surprise. In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark. Meanwhile, the national average for a gallon of regular gasoline rose ten cents since last week to hit $3.60.

According to new data from the Energy Information Administration (EIA), gas demand increased slightly from 9.15 to 9.3 million b/d last week. Meanwhile, total domestic gasoline stocks decreased substantially by 4.1 million bbl to 222.6 million bbl. Increased demand amid tighter supply has contributed to pushing pump prices higher. If demand continues to rise, pump prices will likely follow suit.

Today’s national average of $3.60 is 13 cents more than a month ago but 51 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI decreased by 10 cents to settle at $80.61. Oil prices declined slightly last week due to market concerns that a recession could occur this year, which could push oil demand and prices down. Early in the week last week, crude prices spiked after the Organization of Petroleum Exporting Countries and its allies, including Russia, collectively known as OPEC+, announced it would cut production by 1.6 million bbl starting next month for the remainder of 2023. Additionally, the EIA reported that total domestic commercial crude inventories decreased by 3.7 million bbl to 470 million bbl last week.  

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

Tennessee Regional Prices 

• Most expensive metro markets - Nashville ($3.42), Clarksville ($3.40), Cleveland ($3.40)
• Least expensive metro markets - Knoxville ($3.21), Morristown ($3.22), Memphis ($3.23) 

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

	Monday	Sunday	Week Ago	Month Ago	One Year Ago
Tennessee	$3.308	$3.308	$3.210	$3.159	$3.897
Chattanooga	$3.310	$3.318	$3.215	$3.199	$3.843
Knoxville	$3.218	$3.217	$3.155	$3.074	$3.990
Memphis	$3.237	$3.228	$3.162	$3.149	$3.931
Nashville	$3.427	$3.430	$3.307	$3.252	$3.916
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