Gas prices across Tennessee continue to decline as 1.2 million Tennesseans prepare to hit the road for Thanksgiving. Over last week, gas prices fell, on average, nine cents. The Tennessee Gas Price average is now $3.20 which is 13 cents less expensive than one month ago and eight cents more than one year ago.
Earlier this month, it looked like Tennessee gas prices could test record highs, however, with the recent drop in pump prices, it looks like prices may steer clear of record-high levels. In Tennessee, the highest daily average price for Thanksgiving was set back in 2012, at $3.18 per gallon. Today’s gas price average of $3.20 is 10 cents higher than what Tennessee drivers paid last Thanksgiving ($3.10).
“Tennesseans have a little extra to be thankful for this Thanksgiving as gas prices are likely to continue falling ahead of the holiday weekend, “ said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “As drivers begin to prepare for their road trips this week, AAA is reminding drivers to plan ahead by making sure that their vehicle is well-maintained and up-to-date on oil changes and maintenance, and that they have a fully stocked emergency kit in their vehicle.”
View the full AAA Thanksgiving Travel forecast here.
69% of Tennessee gas stations have prices below $3.25
The lowest 10% of pump prices are $2.95 for regular unleaded
The highest 10% of pump prices are $3.55 for regular unleaded
Tennessee is the 7th least expensive market in the nation
National Gas Prices
Drivers fueling up ahead of Thanksgiving will benefit from falling pump prices, as the national average for a gallon of gasoline dropped 11 cents in the past week to $3.66. That’s the good news. Unfortunately, while lower, this week will see the highest Thanksgiving national average price since AAA started keeping records in 2000.
According to data from the Energy Information Administration (EIA), gas demand fell from 9.01 million to 8.74 million b/d last week. Meanwhile, total domestic gasoline stocks rose by nearly 2.2 million bbl to 207.9 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 dip through the Thanksgiving holiday.
Today’s national average of $3.66 is 16 cents less than a month ago and 26 cents more than a year ago.
National Oil Market Dynamics
At the close of Friday’s formal trading session, WTI decreased by $1.56 to settle at $80.08. Crude prices dropped last week despite the EIA reporting that total domestic commercial crude stocks fell dramatically by 5.4 million bbl. Instead, prices declined because the market is concerned that oil demand could decrease due to growing economic concerns. For this week, persistent concerns that economic growth might stall or reverse course could push prices lower. If crude demand declines, prices will likely follow suit.
Drivers can find current gas prices along their route using the AAA TripTik Travel planner.
AAA expects to rescue 411,000 stranded motorists over the holiday weekend
More than 411,000 drivers will need AAA roadside assistance during the holiday weekend. The most common reasons are for dead batteries, flat tires and lockouts. AAA encourages drivers to get a full vehicle inspection before they hit the road to check everything from the tires, oil, air filter and wiper blades. AAA has a list of certified mechanics at AAA.com/AutoRepair.
AAA Reminds Drivers to ‘Move Over for Me’
With more people sharing the roads, the danger is multiplied for those on the roadside. AAA reminds motorists to slow down and move over for first responders and tow trucks. We also ask that you extend the same courtesy to people with disabled vehicles.
“We want to make sure all holiday travelers, tow truck drivers and first responders make it home safely this Thanksgiving,” said Cooper. “Please be courteous and move over for flashing lights, whether it’s a tow truck or a disabled vehicle with its hazard lights on.”
Tennessee Regional Prices
Most expensive metro markets – Jackson ($3.30), Memphis ($3.27), Cleveland ($3.24)
Least expensive metro markets – Clarksville ($3.12), Chattanooga ($3.14), Johnson City ($3.17)