NASHVILLE, Tenn. (WTVF) — Gas prices across Tennessee fell five cents on average over the past week, according to new data released Tuesday by AAA - The Auto Club Group.
The statewide average for a gallon of regular unleaded gasoline is now $4.12, making Tennessee the 11th least expensive gas market in the nation. Despite the recent decline, prices remain 39 cents higher than one month ago and $1.37 higher than this time last year.
“Gas prices surged to $4.21 last week, before falling to today’s average of $4.12,” AAA spokeswoman Megan Cooper said. “Those that took a road trip over the holiday weekend saw the most expensive Memorial Day gas prices in four years, with Tennesseans paying $4.14 per gallon for gasoline on Memorial Day.”
Cooper said drivers should expect elevated prices to continue through much of the summer travel season.
“Memorial Day is the unofficial start to the summer travel season,” she said. “With an expected rise in gasoline demand and ongoing uncertainty in the oil price market, drivers can likely expect to see pump prices remain elevated for most of the summer.”
Nationally, the average price for regular gasoline sits at $4.49 per gallon, down four cents from last week but still $1.32 higher than a year ago.
According to the U.S. Energy Information Administration, gasoline demand increased slightly last week, while domestic gasoline supplies declined from 215.7 million barrels to 214.2 million barrels. Gasoline production also decreased, averaging 9.3 million barrels per day.
Meanwhile, oil prices dropped Wednesday as West Texas Intermediate crude settled at $98.26 per barrel, down $5.89 from the previous trading session. The EIA said U.S. crude oil inventories fell by 7.9 million barrels last week and remain about 2% below the five-year average for this time of year.
Among Tennessee metro areas, Knoxville and Nashville tied for the highest average gas prices at $4.16 per gallon, followed by Jackson at $4.14.
Chattanooga had the least expensive gas in the state at $4.00 per gallon, followed by Clarksville at $4.05 and Johnson City at $4.07.
Tennessee gas price averages
| Area | Tuesday | Monday | Week Ago | Month Ago | One Year Ago |
|---|---|---|---|---|---|
| Tennessee | $4.125 | $4.143 | $4.173 | $3.737 | $2.754 |
| Chattanooga | $4.007 | $4.045 | $4.155 | $3.555 | $2.732 |
| Knoxville | $4.165 | $4.178 | $4.157 | $3.729 | $2.698 |
| Memphis | $4.112 | $4.123 | $4.162 | $3.805 | $2.759 |
| Nashville | $4.163 | $4.182 | $4.228 | $3.730 | $2.828 |
Click here to view current gasoline price averages.
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