Tennessee state gas price average declines for 9th straight week

15 August 2022

NASHVILLE, Tenn., (August 15, 2022) — Tennessee gas prices dropped another 12 cents, on average, last week. The Tennessee Gas Price average is now $3.50 which is nearly 69 cents less expensive than one month ago and 62 cents more than one year ago.  

"This week, Tennessee moved up to the third least expensive state in the country for gas prices. Our state gas price average is only about 5 cents more expensive than Texas - the least expensive state in the country for gas prices right now, " said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "As we head into the rest of the week, drivers should continue to see drops in pump pricing thanks to stable crude oil prices and lower gasoline demand than is typical for this time of year." 

Quick Facts

  • 60% of Tennessee gas stations have prices below $3.50
  • The lowest 10% of pump prices are $3.16 for regular unleaded 
  • The highest 10% of pump prices are $3.93 for regular unleaded
  • Tennessee is the 3rd least expensive market in the nation

National Gas Prices

The national average for a gallon of regular gas fell 10 cents in the past week to $3.95, due primarily to stable oil prices and fewer drivers than usual fueling up.

AAA finds that drivers are making significant changes to cope with high pump prices. In a recent survey, almost two-thirds of U.S. adults have changed their driving habits or lifestyle since March. Drivers’ top two changes to offset high gas prices are driving less and combining errands.

According to data from the Energy Information Administration (EIA), gas demand rose from 8.54 million b/d to 9.12 million b/d last week. However, the rate is 307,000 b/d lower than last year. Also, total domestic gasoline stocks decreased by 5 million bbl to 220.3 million bbl. Although gasoline demand has risen and supplies have tightened, easing oil prices have helped lower pump prices. If oil prices edge lower, drivers will likely see falling pump prices.

Today’s national average of $3.95 is 62 cents less than a month ago, but 77 cents more than a year ago.

National Oil Market Dynamics

At the close of Friday’s formal trading session, WTI decreased by $2.25 to settle at $92.09. Although crude prices declined at the end of the week due to concerns that an economic slowdown could cause crude demand to stagnate or decline, prices rose earlier in the week after the U.S. Bureau of Labor Statistics reported a smaller than expected increase in inflation last month at 8.5 percent. The rise in market optimism helped to boost prices despite EIA reporting that total domestic crude supply increased by 5.4 million bbl. For this week, oil prices could continue to decline if demand concerns persist.

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

Tennessee Regional Prices 

  • Most expensive metro markets - Morristown ($3.75), Knoxville ($3.67), Memphis ($3.62)
  • Least expensive metro markets - Clarksville ($3.25), Cleveland ($3.39), Chattanooga ($3.39) 


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

$3.501

$3.509

$3.622

$4.186

$2.879

Chattanooga

$3.397

$3.414

$3.522

$4.058

$2.799

Knoxville

$3.674

$3.684

$3.805

$4.368

$2.877

Memphis

$3.622

$3.630

$3.743

$4.291

$2.945

Nashville

$3.399

$3.407

$3.522

$4.167

$2.894

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.