Average gas price falls 6 cents, Tennessee now 2nd least expensive in US

AAA: TN Gas Prices Fall Six Cents
Tennessee is now the second least expensive market in the nation

NASHVILLE, Tenn., (August 12, 2024) — Tennessee gas prices fell six cents, on average, over last week. All but four of Tennessee’s metro areas now have metro averages below $3/gallon. The Tennessee Gas Price average is now $3.01 which is 11 cents less expensive than one month ago and 42 cents less than one year ago.

“Tennessee drivers saw a slight break at the pump over last week, with several areas of the state seeing pump prices below $3/gallon,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “We’re still seeing some uncertainty in the market, so fluctuations in our local gas prices cannot be ruled out this week. However, if market conditions persist, we could see our state average drop below $3 per gallon this week.”

National Gas Prices

Falling by just three cents since last week, the national average for a gallon of gas hit $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 b/d to 8.96 last week. Meanwhile, total domestic gasoline stocks rose from 223.8 to 225.1 million barrels. Gasoline production increased last week, averaging 10.0 million barrels per day. Crude oil production hit an all-time high of 13.4 million barrels per day. Lower gasoline demand, rising supply, and stable oil costs may lead to sliding pump prices.

Today’s national average for a gallon of gas is $3.44, nine cents less than a month ago and 40 cents less than a year ago.

National Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose by $2.03 to settle at $75.23 a barrel. The EIA reports that crude oil inventories decreased by 3.7 million barrels from the previous week. At 429.3 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.

Tennessee Regional Prices 

• Most expensive metro markets – Jackson ($3.09), Nashville ($3.04), Memphis ($3.04)
• Least expensive metro markets – Clarksville ($2.89), Chattanooga ($2.90), Morristown ($2.97)

Tennessee Gas Price Averages 

(Price per gallon of regular unleaded gasoline) 

	Monday	Sunday	Week Ago	Month Ago	One Year Ago
Tennessee	$3.012	$3.014	$3.078	$3.127	$3.438
Chattanooga	$2.905	$2.903	$3.021	$3.085	$3.392
Knoxville	$2.971	$2.974	$3.001	$3.060	$3.363
Memphis	$3.048	$3.040	$3.058	$3.110	$3.476
Nashville	$3.048	$3.050	$3.161	$3.176	$3.488
Click here to view current gasoline price averages

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 across 14 U.S. states and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 64 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.

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