NASHVILLE, Tenn., (November 18, 2024) — Gas prices across the state moved lower last week, falling six cents, on average. The Tennessee Gas Price average is now $2.69 which is 12 cents less expensive than one month ago and 25 cents less than one year ago.

“Gas prices are moving lower across the state, which is great news for those that are planning road trips over the Thanksgiving holiday,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “It’s likely Tennesseans will see the cheapest Thanksgiving gas prices since 2020.”

AAA Releases 2024 Thanksgiving Travel Forecast

AAA expects record-setting travel numbers for Thanksgiving. More than 1.9 million Tennesseans are forecast to travel 50 miles or more for the holiday. That’s an all-time high for Thanksgiving and more than 30,000 more travelers than last year.

Gas prices are lower this Thanksgiving season compared to 2023. The national average last Thanksgiving Day was $3.26. The state average was $2.89. Currently, Tennessee drivers are finding an average price of $2.69 as of Monday. Visit GasPrices.AAA.com to view national, state, and regional gas price averages.

For the full Thanksgiving Travel Forecast, click here.

National Gas Prices

The national average for a gallon of gas is now less than a dime away from dipping below $3 for the first time since May of 2021. Since last week, the national average dropped a penny to $3.07.

According to new data from the Energy Information Administration (EIA), gas demand rose from 8.82 million b/d last week to 9.38. Meanwhile, total domestic gasoline stocks fell from 211.3 million barrels to 206.8, while gasoline production increased last week, averaging 10.3 million barrels per day.

Today’s national average for a gallon of gas is $3.07, 12 cents less than a month ago and 25 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose 31 cents to settle at $68.43 a barrel. The EIA reports that crude oil inventories increased by 2.1 million barrels from the previous week. At 429.7 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Tennessee Regional Prices 

• Most expensive metro markets – Johnson City ($2.77), Memphis ($2.74), Jackson ($2.74)
• Least expensive metro markets – Chattanooga ($2.61), Clarksville ($2.62), Morristown ($2.64)

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline)