Gas Prices Dip Nine Cents For 2nd Consecutive Week

FOR IMMEDIATE RELEASE - May 1, 2023

Average gasoline prices in Tennessee have fallen 9.1 cents per gallon in the last week, averaging $3.21/g today, according to GasBuddy's survey of 3,821 stations in Tennessee. Prices in Tennessee are 0.7 cents per gallon higher than a month ago and stand 67.8 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.3 cents in the last week and stands at $4.07 per gallon.

According to GasBuddy price reports, the cheapest station in Tennessee was priced at $2.82/g yesterday while the most expensive was $3.99/g, a difference of $1.17/g. The lowest price in the state yesterday was $2.82/g while the highest was $3.99/g, a difference of $1.17/g.

The national average price of gasoline has fallen 6.3 cents per gallon in the last week, averaging $3.58/g today. The national average is up 8.2 cents per gallon from a month ago and stands 59.6 cents per gallon lower than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Tennessee and the national average going back ten years:
May 1, 2022: $3.89/g (U.S. Average: $4.17/g)
May 1, 2021: $2.67/g (U.S. Average: $2.89/g)
May 1, 2020: $1.50/g (U.S. Average: $1.77/g)
May 1, 2019: $2.59/g (U.S. Average: $2.89/g)
May 1, 2018: $2.59/g (U.S. Average: $2.81/g)
May 1, 2017: $2.14/g (U.S. Average: $2.37/g)
May 1, 2016: $2.04/g (U.S. Average: $2.22/g)
May 1, 2015: $2.39/g (U.S. Average: $2.60/g)
May 1, 2014: $3.50/g (U.S. Average: $3.69/g)
May 1, 2013: $3.25/g (U.S. Average: $3.53/g)

Neighboring areas and their current gas prices:
Chattanooga- $3.03/g, down 12.1 cents per gallon from last week's $3.15/g.
Nashville- $3.30/g, down 12.4 cents per gallon from last week's $3.43/g.
Huntsville- $3.18/g, down 5.0 cents per gallon from last week's $3.23/g.

"After declining the prior week at a slow pace, the drop in the national average has gained momentum. Oil prices have come under additional selling pressure alongside wholesale gasoline prices, giving retailers room to pass on the lower prices," said Patrick De Haan, head of petroleum analysis at GasBuddy. "Diesel prices have followed, falling to their lowest in over 13 months as demand remains weak due to concerns over the economy. With refinery maintenance wrapping up, we should see supplies start to build in the weeks ahead, just in time for the summer driving season, potentially putting more downward pressure on prices. However, while a majority of states saw gas prices drop, some, particularly in the Northeast, have yet to join in thanks to being the last to make the switch to summer gasoline - but relief will be on the way soon in areas that have resisted the fall thus far."