Gas prices in Tennessee are moving less expensive ahead of Labor Day weekend. The Tennessee Gas Price average is now $3.40 which is four cents more expensive than one month ago but four cents less than one year ago.
"Tennessee gas prices reversed course over last week and are trending less expensive, which is great news for those that are planning a road trip over the holiday weekend," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Drivers taking road trips over Labor Day weekend will likely see gas prices similar to last year. Even though it's likely that gas prices will continue to trend lower over this week, continued volatility at the pump can't be ruled out given the recent uptick in tropical storm activity."
The Tennessee average for a gallon of regular gasoline was $3.37 on Labor Day 2022. Today's state average is only three cents more expensive. If current market trends continue, drivers could be met with pump prices lower than last year.
- 85% of Tennessee gas stations have prices below $3.50
- The lowest 10% of pump prices are $3.17 for regular unleaded
- The highest 10% of pump prices are $3.74 for regular unleaded
- Tennessee is the 6th least expensive market in the nation
National Gas Prices - The national average for a gallon of gas dropped five cents since last week, despite growing gas demand. However, the price of oil has declined several dollars per barrel and is holding steady below $80, contributing to lower pump prices. As Labor Day approaches, gas demand and volatile oil prices, particularly during an active hurricane season, could limit how much lower prices descend in the weeks ahead.
According to new data from the Energy Information Administration (EIA), gas demand jumped from 8.85 to 8.91 million b/d last week. Meanwhile, total domestic gasoline stocks increased slightly from 216.2 to 217.6 million bbl. Although demand increased, growing stock levels contributed to pushing prices lower.
Today’s national average of $3.81 is eight cents more than a month ago but four cents less than a year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI decreased by 75 cents to settle at $78.89. Oil prices declined last week amid market concerns that an economic slowdown in China, the world’s largest importer of crude oil, could push global oil demand down, which could also lead to lower prices. The price of oil has declined despite the EIA reporting that total domestic commercial crude inventories decreased from 439.7 to 433.5 million bbl last week.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
Tennessee Regional Prices
- Most expensive metro markets - Cleveland ($3.47), Nashville ($3.46), Memphis ($3.46)
- Least expensive metro markets - Chattanooga ($3.32), Johnson City ($3.33), Kingsport ($3.33)