Tennesseans saw another break at the pump this week, with the state gas price average dropping eight cents over last week. The Tennessee Gas Price average is now $3.23 which is six cents less expensive than one month ago but seven cents more than one year ago. In Rutherford County, the average price at the pump is $3.12 per gallon for regular unleaded.
"Lackluster demand, rising gasoline supplies and falling oil prices are helping to push pump prices lower, which could mean good news for those planning a road trip over Memorial Day weekend," said Megan Cooper, spokeswoman for AAA - The Auto Club Group. "Continued volatility at the pump cannot be ruled out completely, however, as AAA is expecting a very busy summer driving season. The biggest wildcard right now as we head toward the Memorial Day holiday is the price of oil - any major changes in crude oil pricing in the next couple of weeks could have an impact on pump prices."
2024 Memorial Day Travel Forecast - AAA released its 2024 Memorial Day travel forecast today. More than 783,000 Tennesseans are expected to travel by car to their holiday destinations, which is the second highest travel volume since 2005.
During last year’s holiday weekend, Tennessee gas prices averaged $3.19 per gallon.
Read the full Memorial Day Travel Forecast here.
National Gas Prices - Gas prices posted a quiet week, with the national average drifting lower by four cents to $3.61 since last Monday. Tepid pre-Memorial Day domestic demand and oil costs below $80 a barrel are the likely culprits.
According to new data from the Energy Information Administration (EIA), gas demand rose modestly from 8.62 million b/d to 8.79 last week. Meanwhile, total domestic gasoline stocks increased by nearly 1 million bbl to 228 million bbl. Slack demand, rising supply, and falling oil prices could push pump prices lower.
Today’s national average is $3.61, two cents less than a month ago but eight cents more than a year ago.
National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI increased by 61 cents to settle at $78.99 a barrel. Prices rose as the EIA reported that crude oil inventories had decreased by 1.4 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 3% 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 - Morristown ($3.30), Jackson ($3.27), Johnson City ($3.26)
- Least expensive metro markets - Chattanooga ($3.13), Clarksville ($3.21), Kingsport-Bristol ($3.21)
