The Price of Gas and Diesel in the Rutherford County Area This Week

Tennesseans that took a holiday road trip over the weekend were greeted with pump prices over a dollar cheaper than last year's holiday. Gas prices, on average, only moved three cents higher over last week.

The Tennessee Gas Price average is now $3.18, which is four cents less expensive than one month ago and $1.09 less than one year ago.

In Rutherford County, the average price of regular unleaded is sitting at $3.22 per gallon, while neighboring Nashville is seeing an average price of $3.29 per gallon. Southwest of Rutherford County in the Franklin / Brentwood area, regular unleaded is selling for the highest average price in the state at $3.43 per gallon.

"After fluctuating in the weeks leading up to Memorial Day, pump prices ultimately landed at $1.09 per gallon cheaper than last year's holiday," said Megan Cooper, spokeswoman, AAA - The Auto Club Group. "As we head into the summer driving season, it's very likely this fluctuation will stick around. If overall market conditions remain similar to what we're seeing now, it's possible that the fluctuations we'll see could be minimal."

Quick GasFacts

12% of Tennessee gas stations have prices below $3.00
The lowest 10% of pump prices are $2.94 for regular unleaded
The highest 10% of pump prices are $3.51 for regular unleaded
Tennessee is the 7th least expensive market in the nation

National Gas Prices - The seasonal surge in gasoline demand leading into the long holiday weekend resulted in the national average for a gallon of gas rising three cents since last week to $3.57. AAA forecasted that Memorial Day road trips will be up 6% over last year, with more than 37 million Americans driving to their destinations.

According to new data from the Energy Information Administration (EIA), gas demand increased from 8.91 to 9.43 million b/d last week. Rising demand has helped to boost pump prices. Meanwhile, total domestic gasoline stocks decreased by 2 million bbl to 216.3 million bbl. If gas demand grows amid tighter supplies, drivers will likely see pump prices rise.

Today’s national average of $3.57 is four cents less than a month ago and $1.04 less than a year ago.

DIESEL in MIDDLE TN - For those who drive a diesel vehicle, the prices in the Nashville Metro Statistical Area, which include Rutherford County, are averaging $3.61 per gallon. Monday’s prices are about 1-cent cheaper than Sunday’s prices and $1.94 cheaper than diesel prices one year ago. The highest average price on diesel hit Middle Tennessee on June 15, 2022, when prices soared to $5.68 per gallon.

National Oil Market Dynamics - At the close of Wednesday’s formal trading session, WTI increased by $1.43 to settle at $74.34. Oil prices rose last week amid growing market optimism that energy demand is rebounding. However, price increases were capped due to the market also expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. If the economy enters a recession, oil demand and prices would likely decline. Additionally, the EIA reported that total domestic commercial crude inventories decreased significantly by 12.4 million bbl to 455.2 million bbl last week

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

Tennessee Regional Prices

Most expensivemetro markets - Morristown ($3.24), Nashville ($3.22), Jackson ($3.18)
Least expensivemetro markets - Kingsport ($3.12), Chattanooga ($3.13), Clarksville ($3.13)

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