In Tennessee, the average price for gasoline is currently stable at $2.76 per gallon. This figure reflects a minor decrease of one cent from the previous week and represents a notable reduction of 32 cents compared to the same period last year. The state maintains its position as one of the most affordable places for fuel in the country, ranking fifth in terms of the lowest average gas prices.
As the academic year begins and the peak of summer travel comes to an end, it is anticipated that fuel demand will decrease. This decline in demand is expected to contribute to the stability of gas prices in the region. On a national scale, the average price of gasoline has also seen a slight reduction, dropping two cents to reach $3.14 per gallon. Meanwhile, crude oil prices experienced a minor uptick, with West Texas Intermediate closing at $70 per barrel. Although U.S. oil inventories increased by 7.7 million barrels, they still remain just below the five-year average.
Examining the gas prices across various cities in Tennessee reveals that Chattanooga boasts the lowest average at $2.66 per gallon. In contrast, both Nashville and Memphis report averages of $2.81. Knoxville’s gas prices have remained consistent at $2.74 per gallon, reflecting the overall trend of stability in the state’s fuel market.