Average Gas Prices Fall 4.5 Cents

Average gasoline prices in Tennessee have fallen 4.5 cents per gallon in the last week, averaging $2.73/g today, according to GasBuddy's survey of 3,821 stations in Tennessee. Prices in Tennessee are 7.6 cents per gallon higher than a month ago and stand 4.4 cents per gallon lower than a year ago. The national average price of diesel has increased 4.4 cents in the last week and stands at $3.650 per gallon.

According to GasBuddy price reports, the cheapest station in Tennessee was priced at $2.29/g yesterday while the most expensive was $3.89/g, a difference of $1.60/g. The lowest price in the state yesterday was $2.29/g while the highest was $3.89/g, a difference of $1.60/g.

The national average price of gasoline has fallen 0.9 cents per gallon in the last week, averaging $3.08/g today. The national average is up 6.5 cents per gallon from a month ago and stands 1.8 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Tennessee and the national average going back ten years:
January 27, 2024: $2.77/g (U.S. Average: $3.10/g)
January 27, 2023: $3.27/g (U.S. Average: $3.50/g)
January 27, 2022: $3.07/g (U.S. Average: $3.36/g)
January 27, 2021: $2.20/g (U.S. Average: $2.41/g)
January 27, 2020: $2.24/g (U.S. Average: $2.50/g)
January 27, 2019: $2.03/g (U.S. Average: $2.25/g)
January 27, 2018: $2.39/g (U.S. Average: $2.58/g)
January 27, 2017: $2.07/g (U.S. Average: $2.27/g)
January 27, 2016: $1.62/g (U.S. Average: $1.83/g)
January 27, 2015: $1.88/g (U.S. Average: $2.03/g)

Neighboring areas and their current gas prices:
Chattanooga- $2.64/g, down 7.6 cents per gallon from last week's $2.72/g.
Nashville- $2.78/g, down 6.9 cents per gallon from last week's $2.85/g.
Huntsville- $2.78/g, up 1.1 cents per gallon from last week's $2.77/g.

"Oil prices have declined over the last week following President Trump's speech at the World Economic Forum, where he urged Saudi Arabia to lower oil prices by restoring production. The downturn in oil has caused gas prices to stabilize for the time being, with crude now more than $5 per barrel below where it was a couple of weeks ago," said Patrick De Haan, head of petroleum analysis at GasBuddy. "As we approach the February 1 deadline for potential U.S. tariffs on Canada and Mexico-- key sources of crude oil imports-- we'll be monitoring for any potential impact, including the possibility of retaliatory tariffs. For now, I remain hopeful that tariffs won't materialize, and gas prices could stay relatively stable over the next few weeks, at least until the seasonal rise in prices begins in mid-to-late February."