NASHVILLE – Pump prices in Tennessee continued to fall last week. The average price of gasoline in the state fell nine cents to $2.93 per gallon. This is a significant drop, as prices are now 15 cents lower than a month ago and 48 cents lower 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 below last year’s Labor Day price and just two cents above the 2021 average of $2.91 per gallon.

“We’re seeing significant price drops at the pump ahead of Labor Day weekend, which is great news for anyone planning a road trip over the holidays,” said Megan Cooper, spokeswoman for AAA – The Auto Club Group. “Tennessee is also the third cheapest state in the country when it comes to gas prices, and all but one of our major metropolitan areas have average prices below $3 per gallon.”

Nationally, the average price of gasoline fell six cents last week, reaching $3.35 per gallon. This price was last seen on March 6. The price decline is attributed to weak gasoline demand, stable supply and low oil prices, which could cause further price declines.

Last Wednesday, the price of West Texas Intermediate (WTI) crude oil closed at $71.93 per barrel, down $1.24. US crude oil inventories fell by 4.6 million barrels and are now 5% below the five-year average for this time of year.

Regional gasoline prices in Tennessee:

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

The AAA TripTik trip planner allows drivers to find out the latest gas prices along their routes.