Gas Plummets Ten Cents

Average gasoline prices in Tennessee have fallen 10.1 cents per gallon in the last week, averaging $3.04/g today, according to GasBuddy's survey of 3,821 stations in Tennessee. Prices in Tennessee are 27.8 cents per gallon lower than a month ago and stand 12.9 cents per gallon lower than a year ago. The national average price of diesel has fallen 1.8 cents in the last week and stands at $3.82 per gallon.

According to GasBuddy price reports, the cheapest station in Tennessee was priced at $2.59/g yesterday while the most expensive was $4.11/g, a difference of $1.52/g. The lowest price in the state yesterday was $2.59/g while the highest was $4.11/g, a difference of $1.52/g.

The national average price of gasoline has fallen 5.8 cents per gallon in the last week, averaging $3.50/g today. The national average is down 15.9 cents per gallon from a month ago and stands 1.9 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:
June 3, 2023: $3.17/g (U.S. Average: $3.52/g)
June 3, 2022: $4.46/g (U.S. Average: $4.81/g)
June 3, 2021: $2.86/g (U.S. Average: $3.04/g)
June 3, 2020: $1.69/g (U.S. Average: $1.99/g)
June 3, 2019: $2.45/g (U.S. Average: $2.80/g)
June 3, 2018: $2.68/g (U.S. Average: $2.94/g)
June 3, 2017: $2.09/g (U.S. Average: $2.37/g)
June 3, 2016: $2.18/g (U.S. Average: $2.35/g)
June 3, 2015: $2.50/g (U.S. Average: $2.76/g)
June 3, 2014: $3.43/g (U.S. Average: $3.67/g)

Neighboring areas and their current gas prices:
Chattanooga- $2.82/g, down 19.2 cents per gallon from last week's $3.01/g.
Nashville- $3.12/g, down 13.1 cents per gallon from last week's $3.25/g.
Huntsville- $3.21/g, down 1.5 cents per gallon from last week's $3.22/g.

"The calendar has closed on May, and so too has the door closed on rising gas prices, with the national average declining to its lowest level since March. Thankfully, gas prices are unlikely to be moved by OPEC's meeting and agreement to extend production cuts into 2025, leading the national average to fall below $3.50 in the next week," said Patrick De Haan, head of petroleum analysis at GasBuddy. "With GasBuddy data showing gasoline demand plummeting after Memorial Day, and refiners inputting the largest amount of oil into their facilities in years, it's very likely we'll continue to see gas prices fall as we approach July 4. Diesel prices also continue to decline to their lowest level in nearly 11 months. The future looks bright for falling fuel prices across the board, though we'll have to keep our eyes on hurricane season."