Getting your Trinity Audio player ready...

NASHVILLE – Pump prices across Tennessee continued to decline last week, with the state’s average gas price dropping nine cents to $2.93 per gallon. This marks a significant decrease, as prices are now 15 cents lower than a month ago and 48 cents less than a year ago.

Labor Day travelers in Tennessee can expect the cheapest holiday gas prices in three years. The current average is 48 cents lower than last year’s Labor Day price and only two cents higher than the 2021 average of $2.91 per gallon.

“We’re seeing more significant drops at the pump heading into Labor Day weekend, which is great news for those planning a holiday road trip,” said Megan Cooper, spokesperson for AAA – The Auto Club Group. “Tennessee has also moved into the third least expensive state gas price average in the country, and all but one of our major metro areas have averages below $3 per gallon.”

On the national level, the average gas price fell by six cents last week, reaching $3.35 per gallon. This price point was last seen on March 6. The drop in prices is attributed to mild gasoline demand, steady supply, and low oil costs, which could cause further declines.

As of last Wednesday, West Texas Intermediate (WTI) crude oil closed at $71.93 per barrel, down $1.24. U.S. crude oil inventories decreased by 4.6 million barrels, now 5% below the five-year average for this time of year.

Tennessee Regional Gas Prices:

• Most expensive metro markets: Jackson ($3.00), Memphis ($2.99), Nashville ($2.97)
• Least expensive metro markets: Clarksville ($2.78), Chattanooga ($2.80), Cleveland ($2.88)

Drivers can find current gas prices along their routes using the AAA TripTik Travel planner.