Gas Prices Finally Decline

Average gasoline prices in Tennessee have fallen 9.7 cents per gallon in the last week, averaging $3.16/g today, according to GasBuddy's survey of 3,821 stations in Tennessee. Prices in Tennessee are 19.4 cents per gallon higher than a month ago and stand 4.3 cents per gallon higher than a year ago. The national average price of diesel has fallen 5.2 cents in the last week and stands at $4.60 per gallon.

According to GasBuddy price reports, the cheapest station in Tennessee was priced at $2.71/g yesterday while the most expensive was $4.39/g, a difference of $1.68/g. The lowest price in the state yesterday was $2.71/g while the highest was $4.39/g, a difference of $1.68/g.

The national average price of gasoline has fallen 4.4 cents per gallon in the last week, averaging $3.44/g today. The national average is up 17.5 cents per gallon from a month ago and stands 1.7 cents per gallon higher 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:
February 6, 2022: $3.12/g (U.S. Average: $3.42/g)
February 6, 2021: $2.21/g (U.S. Average: $2.46/g)
February 6, 2020: $2.16/g (U.S. Average: $2.46/g)
February 6, 2019: $2.02/g (U.S. Average: $2.29/g)
February 6, 2018: $2.40/g (U.S. Average: $2.61/g)
February 6, 2017: $2.05/g (U.S. Average: $2.26/g)
February 6, 2016: $1.56/g (U.S. Average: $1.74/g)
February 6, 2015: $2.01/g (U.S. Average: $2.16/g)
February 6, 2014: $3.07/g (U.S. Average: $3.26/g)
February 6, 2013: $3.33/g (U.S. Average: $3.55/g)

Neighboring areas and their current gas prices:
Chattanooga- $3.14/g, down 13.2 cents per gallon from last week's $3.27/g.
Nashville- $3.21/g, down 14.3 cents per gallon from last week's $3.35/g.
Huntsville- $3.20/g, down 5.6 cents per gallon from last week's $3.26/g.

"For the first time in 2023, the national average price of gasoline has seen a weekly decline, primarily thanks to a sharp and sudden drop in the price of oil," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While the decline in both gasoline and diesel prices is terrific, it's not unusual to see prices falling in February, which tends to be the month with some of the lowest gasoline prices of the year thanks to seasonally weak demand. For diesel, we're likely to see more declines, and potentially much more significant in the weeks ahead as imports of distillate have accelerated, leading to a sell off. And, with warmer weather ahead, demand may struggle as well. However, especially for gasoline, high levels of coming maintenance and the eventual transition to summer gasoline could lead today's declines to reverse down the road. For now, motorists should enjoy the decline, but be wary as we're likely to eventually see increases again down the road."