Gas prices continue to drop in Tennessee

Published 1:28 pm Tuesday, November 29, 2022

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Tennesseans had a little extra to be thankful for last week as gas prices continued to trend lower, falling an average of 10 cents over the course of the week. The Tennessee gas price average is now $3.10, which is 23 cents less expensive than one month ago and only one-half cent more than a year ago.

“We were able to avoid record-high gas prices for Thanksgiving this year in Tennessee, and it looks like the downward trend at the pump is likely to continue for now,” said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “Pump prices are seeing downward pressure from steep drops in oil pricing and strong gains in domestic gasoline supplies. Barring any major changes in the overall market, it’s looking like Tennesseans can expect more drops at the pump this week.”

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Quick Facts

• 38% of Tennessee gas stations have prices below $3.00 per gallon

• The lowest 10% of pump prices are $2.80 for regular unleaded

• The highest 10% of pump prices are $3.46 for regular unleaded

• Tennessee is the 7th least expensive market in the nation

National Gas Prices

The national average pump price for a gallon of gas dropped 12 cents in the past week. It is the steepest weekly decline since early August—nearly four months ago. Meanwhile, the cost of oil edged lower on fears of economic slowdowns elsewhere around the globe. Because of these factors, the national average for a gallon of gas fell to $3.54.

According to data from the Energy Information Administration (EIA), gas demand fell from 8.74 million to 8.33 million b/d last week. Meanwhile, total domestic gasoline stocks rose by more than 3 million bbl to 211 million bbl. Increasing supply and fewer drivers fueling up have pushed pump prices lower. As demand remains low and stocks grow, drivers will likely see pump prices keep falling.

Today’s national average of $3.54 is 22 cents less than a month ago and 15 cents more than a year ago.