Gas prices are trending slightly lower as over 751,000 Tennesseans are forecast to take a road trip over the Memorial Day weekend. The Tennessee Gas Price average is now $3.12 which is 21 cents less expensive than one month ago and $1.17 less than one year ago.
“Tennesseans planning a holiday road trip this weekend will spend a dollar per gallon less at the pump than they did last Memorial Day, “ said Megan Cooper, spokeswoman, AAA – The Auto Club Group. “It’s likely that gas prices across the state will continue to fluctuate this week, however, it looks like most of the expected changes should be favorable for drivers. The even better news is that it is highly unlikely prices will come anywhere near last year’s state average of $4.27 per gallon for the holiday weekend.
33% of Tennessee gas stations have prices below $3.00
The lowest 10% of pump prices are $2.88 for regular unleaded
The highest 10% of pump prices are $3.50 for regular unleaded
Tennessee is the 6th least expensive market in the nation
National Gas Prices
The usual ebb and flow of pump prices took a break last week, with the national average for a gallon of gas rising only a penny to $3.54. A decline in demand and the low cost of oil are the main culprits.
According to new data from the Energy Information Administration (EIA), gas demand declined from 9.30 to 8.91 million b/d last week. The drop has reduced pressure on pump prices. Mean-while, total domestic gasoline stocks decreased by 1.4 million bbl to 218.3 million bbl. If gas demand continues to decrease, drivers could see pump prices follow suit.
Today’s national average of $3.54 is 13 cents less than a month ago and $1.05 less than a year ago.
National Oil Market Dynamics
At the close of Wednesday’s formal trading session, WTI increased by $1.97 to settle at $72.83. Oil prices rose last week amid growing market optimism that global energy demand is rebounding, particularly since China is recovering faster than originally expected following the lifting of its COVID restrictions. Additionally, the EIA reported that total domestic commercial crude inventories increased by 5 million bbl to 467.6 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 – Memphis ($3.15), Johnson City ($3.15), Nashville ($3.15)
Least expensive metro markets – Clarksville ($3.00), Chattanooga ($3.03), Cleveland ($3.09)