The downward trend at the gas pump continues as Tennessee is headed into its fifth straight week of declines. Gas prices fell, on average, 18 cents over last week – the biggest weekly decline so far this year. The Tennessee Gas Price average is now $4.10 which is 50 cents less expensive than one month ago and $1.22 more than one year ago.
“Tennesseans are now seeing the cheapest prices at the pump in 10 weeks and it’s likely that prices will move even lower this week, ” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “While the oil market still remains volatile, significant drops in crude oil prices over the last few weeks alongside a steep decline in domestic gasoline demand are paving way for cheaper prices at the gas pump.”
Quick Facts
- 41% of Tennessee gas stations have prices below $4.00
- The lowest 10% of pump prices are $3.74 for regular unleaded
- The highest 10% of pump prices are $4.52 for regular unleaded
- Tennessee is the 7th least expensive market in the nation
National Gas Prices
The national average for a gallon of gas fell 15 cents since last week to $4.52. The steady decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is in the mid-$90s, down from around $110 two weeks ago.
According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million b/d to 8.06 million b/d last week, while total domestic gas stocks increased by 5.8 million bbl. The decrease in demand and declining oil prices have helped push pump prices down. As these supply/demand dynamics hold, drivers will likely continue to see price relief at the pump.
Today’s national average of $4.52 is 46 cents less than a month ago and $1.36 more than a year ago.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets – Knoxville ($4.29), Morristown ($4.24), Memphis ($4.20)
- Least expensive metro markets – Cleveland ($3.89), Chattanooga ($3.99), Clarksville ($3.99)