Gas prices in Tennessee have seen a decline once again, with the average price for a gallon of regular unleaded fuel now sitting at $2.76. This figure represents a decrease of three cents compared to last week, an eight-cent drop from the previous month, and a significant reduction of 36 cents when compared to the same period last year.
Currently, Tennessee ranks third in the nation for the lowest average gas prices, trailing only Mississippi, which has an average of $2.71, and Texas, where prices are at $2.75. According to the Auto Club Group, also known as AAA, gas prices across the state have remained relatively stable over the past week, showing little fluctuation in the oil and gasoline futures markets.
To provide a clearer picture of local pricing, here are the current averages in several major cities throughout Tennessee: Chattanooga is at $2.68, Knoxville stands at $2.74, Memphis is priced at $2.82, and Nashville has an average of $2.79.
On a national scale, the average price for regular gasoline has dipped to $3.14 per gallon, which is a decrease of one cent from the previous week. This marks the lowest average price for the summer season since 2021. In terms of oil market performance, West Texas Intermediate (WTI) crude oil closed at $66.38 per barrel on Wednesday, reflecting a drop of 14 cents. The U.S. Energy Information Administration has reported a decrease in crude oil inventories by 3.9 million barrels, bringing them to 8 percent below the five-year average for this time of year.