Tennessee Gas Prices Dip Ahead of Thanksgiving Travel

Gas prices across Tennessee have fallen an average of four cents ahead of the Thanksgiving travel week. The state’s average for a gallon of regular unleaded is $2.64, one cent higher than last month but seven cents lower than this time last year. If prices remain below this level, Tennesseans could see the cheapest Thanksgiving gas prices since 2020, when the state average was $1.89.

Nationally, prices are relatively steady, with the average for a gallon of regular gasoline falling one cent to $3.06. Despite increased travel demand, low overall demand, stable crude oil prices, and no major disruptions at Gulf Coast refineries are keeping pump prices down. According to the Energy Information Administration, gasoline demand decreased from 9.02 million barrels per day last week to 8.52 million, while total domestic gasoline supply rose from 205.1 million barrels to 207.4 million. Gasoline production averaged 9.3 million barrels per day. Crude oil prices fell $1.30 Wednesday to close at $59.44 per barrel, with U.S. crude inventories at 424.2 million barrels, about 5% below the five-year average for this time of year.

Regional prices in Tennessee show the highest metro averages in Jackson at $2.69, Nashville and Memphis at $2.67, and the lowest in Clarksville at $2.55, Chattanooga at $2.56, and Cleveland at $2.59. Other metro averages include Chattanooga at $2.56, Knoxville at $2.64, Memphis at $2.68, and Nashville at $2.68 per gallon of regular unleaded gasoline.