AAA: Gasoline prices in Tennessee fall by six cents
Tennessee is now the second cheapest market in the country
NASHVILLE, Tennessee, (August 12, 2024) – Tennessee gasoline prices have fallen an average of six cents over the past week. All but four of Tennessee’s metropolitan areas now have average prices below $3/gallon.The average price of gasoline in Tennessee is currently $3.01, down 11 cents from a month ago and 42 cents from a year ago.
“Tennessee motorists saw a slight recovery at the pump last week, with several areas of the state seeing pump prices below $3 per gallon,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “We still see some uncertainty in the market, so fluctuations in our local gasoline prices this week cannot be ruled out. However, if market conditions hold, the statewide average price could fall below $3 per gallon this week.”
National gas prices
The national average price for a gallon of gasoline has fallen just three cents since last week and is now at $3.44, similar to the price in June.
According to new data from the Energy Information Administration (EIA), gas demand fell from 9.25 million barrels per day to 8.96 last week. At the same time, total domestic gasoline inventories rose from 223.8 million barrels per day to 225.1 million barrels. Gasoline production rose last week, averaging 10.0 million barrels per day. Crude oil production reached a historic high of 13.4 million barrels per day. Lower gasoline demand, increasing supply and stable oil prices could lead to falling pump prices.
The national average price for a gallon of gasoline today is $3.44, nine cents less than a month ago and 40 cents less than a year ago.
Dynamics of the national oil market
At the end of the official trading session on Wednesday, the WTI price rose by $2.03 to settle at $75.23 per barrel. The EIA reports that crude oil inventories fell by 3.7 million barrels compared to the previous week. At 429.3 million barrels, US crude oil inventories are about 6% below the five-year average for this time of year.
Tennessee Regional Awards
- Most expensive Metro Markets – Jackson ($3.09), Nashville ($3.04), Memphis ($3.04)
- Cheapest Metro Markets – Clarksville ($2.89), Chattanooga ($2.90), Morristown ($2.97)
Average gas prices in Tennessee
(Price per gallon of regular unleaded gasoline)
 |
Monday |
Sunday |
A week ago |
A month ago |
A year ago |
|
Tennessee |
3,012 USD |
3,014 USD |
3,078 USD |
3,127 USD |
3,438 USD |
|
Chattanooga |
2,905 USD |
2,903 USD |
3,021 USD |
3,085 USD |
3,392 USD |
|
Knoxville |
2,971 USD |
2,974 € |
3,001 USD |
3,060 USD |
3,363 USD |
|
Memphis |
3,048 USD |
3,040 USD |
3,058 USD |
3,110 USD |
3,476 USD |
|
Nashville |
3,048 USD |
3,050 USD |
3,161 USD |
3,176 USD |
$3,488 |
|
Click here to view current average petrol prices |
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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 in 14 U.S. states and two U.S. territories. ACG and its subsidiaries provide members with roadside assistance, insurance products, banking and financial services, travel offers and more. ACG is part of the national AAA association with more than 64 million members in the United States and Canada. AAA’s mission is to protect and promote freedom of movement and improve road safety. For more information, visit AAA Mobile Appvisit AAA.comand follow us on Facebook, Twitter and LinkedIn.
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