AAA: TN GAS PRICES FALL ANOTHER SIX CENTS

NASHVILLE, Tenn., (June 10, 2024) — Gas prices across the state continued to fall over last week, dropping six cents on average. The Tennessee Gas Price average is now $3.02 which is 24 cents less expensive than one month ago and 13 cents less than one year ago.

“Tennessee is now in its fifth week of gas price declines and we’re getting very close to dropping under the $3 per gallon mark. The last time our state gas price average fell below $3 was in February,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “If crude oil prices hold steady, it’s very likely that we’ll see our gas prices fall again this week.”

National Gas Prices

Gasoline prices took another trip south this week, falling nine cents since last Monday to $3.44. It marks the largest weekly drop of the year.

According to new data from the Energy Information Administration (EIA), gas demand dipped from 9.14 b/d to 8.94 last week. Meanwhile, total domestic gasoline stocks jumped from 228.8 to 230.9 million bbl. Tepid gasoline demand, increasing supply, and falling oil costs will likely lead to falling pump prices.

Today’s national average is $3.44,19 cents less than a month ago and 14 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose by 82 cents to settle at $74.07 a barrel. Last Thursday, the price was $77.91. The EIA reports that crude oil inventories increased by 1.2 million barrels from the previous week. At 455.9 million barrels, U.S. crude oil inventories are about 4% 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 ($3.10), Morristown ($3.07), Memphis ($3.06)
  • Least expensive metro markets – Chattanooga ($2.88), Clarksville ($2.97), Kingsport ($3.00)

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

Monday Sunday Week Ago Month Ago One Year Ago
Tennessee $3.026 $3.034 $3.080 $3.265 $3.151
Chattanooga $2.880 $2.903 $2.900 $3.207 $3.093
Knoxville $3.029 $3.037 $3.095 $3.273 $3.143
Memphis $3.066 $3.062 $3.121 $3.250 $3.156
Nashville $3.045 $3.059 $3.099 $3.302 $3.202
Click here to view current gasoline price averages

 

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