Tennessee Gas Prices Drop to $2.76, Among Lowest in the U.S.

Gas prices in Tennessee have fallen again, with the state average now at $2.76 per gallon of regular unleaded. That’s three cents less than last week, eight cents less than last month, and 36 cents cheaper than this time last year.

Tennessee currently holds the third-lowest average gas price in the country, behind only Mississippi at $2.71 and Texas at $2.75.

AAA – The Auto Club Group reports that prices remained steady statewide over the past week, with minimal movement in oil and gasoline futures markets.

Local Prices

Here’s a look at current averages across major Tennessee cities:

• Chattanooga: $2.68

• Knoxville: $2.74

• Memphis: $2.82

• Nashville: $2.79

National Overview

The national average for regular gas is now $3.14 per gallon, down one cent from last week. This marks the lowest summertime average since 2021.

In oil market activity, West Texas Intermediate (WTI) crude closed at $66.38 per barrel on Wednesday, a 14-cent drop. According to the U.S. Energy Information Administration, crude oil inventories decreased by 3.9 million barrels and are now 8 percent below the five-year average for this time of year.