In Tennessee, gas prices have experienced a slight decline, averaging four cents less as the Thanksgiving travel period approaches. Currently, the average cost for a gallon of regular unleaded gasoline stands at $2.64. This figure reflects a modest increase of one cent compared to last month, yet it is seven cents lower than the same time last year. If prices maintain this trend, residents of Tennessee could enjoy the most affordable Thanksgiving gas prices since 2020, when the state average was recorded at $1.89.
On a national scale, gasoline prices have remained relatively stable, with the average for a gallon of regular gasoline decreasing by one cent to $3.06. Despite a rise in travel demand, several factors are contributing to the stabilization of pump prices. These include a general decrease in gasoline demand, consistent crude oil prices, and the absence of significant disruptions at Gulf Coast refineries. Recent data from the Energy Information Administration indicates that gasoline demand dropped from 9.02 million barrels per day last week to 8.52 million barrels. Concurrently, the total domestic gasoline supply increased from 205.1 million barrels to 207.4 million barrels, with gasoline production averaging 9.3 million barrels per day. Additionally, crude oil prices saw a decline of $1.30 on Wednesday, settling at $59.44 per barrel, while U.S. crude inventories stood at 424.2 million barrels, approximately 5% below the five-year average for this time of year.
Examining regional prices within Tennessee reveals varying averages across different metropolitan areas. Jackson leads with the highest average at $2.69, followed closely by Nashville and Memphis at $2.67. In contrast, the lowest prices can be found in Clarksville at $2.55, with Chattanooga at $2.56 and Cleveland at $2.59. Other notable metro averages include Chattanooga at $2.56, Knoxville at $2.64, and both Memphis and Nashville at $2.68 per gallon of regular unleaded gasoline.