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PrintTennesseans saw a small break at the gas pump over last week with gas prices falling four cents, on average.The Tennessee Gas Price average is now $3.24 which is four cents more expensive than one month ago but nine cents less than one year ago.
"Tennessee drivers saw a nice change in pace for gas prices, with slightly lower prices emerging at the pump over last week," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "This time of year we typically see a lull in gasoline demand since spring break trips are in the rearview mirror, but the next big travel holiday isn't until Memorial Day. If oil prices continue to decrease over this week, it's likely that Tennesseans could see another break in pump prices. However, we still cannot rule out additional fluctuation given the uncertainty in the market."
Quick Facts
- 58% of Tennessee gas stations have prices below $3.25
- The lowest 10% of pump prices are $3.00 for regular unleaded
- The highest 10% of pump prices are $3.57 for regular unleaded
- Tennessee is the 7th least expensive market in the nation
National Gas Prices
Lackluster domestic demand for gasoline paired with decreasing oil prices led to the national average for a gallon of gas climbing just four cents to $3.67 since last week. With tensions running high over the past three weeks in the Middle East, the cost of oil reached the upper $80s per barrel. However, it has since fallen several dollars into the low $80s as the oil market watches to see if any further military actions occur.
According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.61 to 8.66 million b/d last week. Meanwhile, total domestic gasoline stocks decreased by 1.1 million bbl to 227.4 million bbl. Higher demand and a rise in oil prices could push pump prices higher.
Today's national average of $3.67 is 14 cents more than a month ago and the same as a year ago.
National Oil Market Dynamics
At the close of Wednesday's formal trading session, WTI decreased by $2.67 to settle at $82.86. Oil prices dipped as the EIA reported crude oil inventories increased by 2.7 million barrels from the previous week. At 460.0 million barrels, U.S. crude oil inventories are just 1% below the five-year average for this time of year.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets - Jackson ($3.29), Memphis ($3.28), Nashville ($3.26)
- Least expensive metro markets - Cleveland ($3.14), Chattanooga ($3.14), Johnson City ($3.18)
