NASHVILLE, Tenn., (August 5, 2024) — Tennessee gas prices moved more expensive over last week, but began declining again over the weekend. We’re starting the week only a penny more expensive than last week. The Tennessee Gas Price average is now $3.07 which is 10 cents less expensive than one month ago and 40 cents less than one year ago.  

“We saw some volatility in our state gas prices over last week, but it’s still mostly good news for Tennessee gas prices,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “We can still likely expect fluctuating gas prices this week, but the silver lining is that we’re now seeing gas prices 40 cents cheaper than we were at this time last year.” 

National Gas Prices

The national average for a gallon of gas dipped three cents since last week to $3.47.

According to new data from the Energy Information Administration (EIA), gas demand slid from 9.45 million b/d to 9.25 last week. Meanwhile, total domestic gasoline stocks fell from 227.4 to 223.8 million barrels. Gasoline production decreased last week, averaging 10.0 million barrels per day. Lower gasoline demand but higher oil costs may lead to flat or slowly rising pump prices dipping, but this depends on Atlantic storm development.

Today’s national average for a gallon of gas is $3.47, four cents less than a month ago and 36 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose dramatically by $3.18 cents to settle at $77.91 a barrel. The EIA reports that crude oil inventories decreased by 3.4 million barrels from the previous week. At 433.0 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 – Nashville ($3.16), Jackson ($3.14), Cleveland ($3.13)
• Least expensive metro markets – Morristown ($2.99), Knoxville ($3.00), Kingsport ($3.01)