How gas prices have changed in Memphis in the last week
Gasoline prices are down several cents compared to this time last month, but the cost to fill up the tank has declined by nearly 40 cents per gallon since last year. The national average fuel price is about $3.12, with Lawton, Oklahoma, seeing the cheapest metro-area prices at $2.58 and Lihue, Hawaii, with the most expensive at $5.12.
After a monthlong pause on tariffs on Canadian and Mexican imports, the Trump administration proceeded at the beginning of March to impose 25% tariffs on the two neighboring nations, including a limited 10% tariff on Canadian energy. However, on March 6, the president announced a pause on tariffs until April 2.
GasBuddy projects states in the Northeast could see the most significant spike in fuel prices as a result of potential tariffs, possibly by 20 to 40 cents per gallon, as this region relies heavily on Canada's New Brunswick refinery.
Meanwhile, by April, gas prices may decrease as a result of the Organization of the Petroleum Exporting Countries' plans to boost crude production. This increased output, however, is just one of several factors influencing prices in the month ahead.
"While OPEC has signaled its intent to stabilize the market, policy decisions from the White House could introduce further uncertainty, making it difficult to predict where prices will head next," GasBuddy analyst Patrick De Haan said in a statement this month. "However, nearly every year sees a seasonal spring increase, which could eventually push prices higher ahead of summer."
Stacker compiled statistics on gas prices in Memphis (TN only) metro area using data from AAA. Gas prices are current as of March 20.
Memphis by the numbers
- Gas current price: $2.76
--- Tennessee average: $2.70
- Week change: -$0.00 (-0.1%)
- Year change: -$0.43 (-13.4%)
- Historical expensive gas price: $4.65 (6/14/22)
- Diesel current price: $3.50
- Week change: -$0.03 (-0.8%)
- Year change: -$0.49 (-12.4%)
- Historical expensive diesel price: $5.59 (6/18/22)
Metros with the most expensive gas
#1. Lihue (Kauai), HI: $5.12
#2. Santa Rosa, CA: $4.92
#3. Santa Cruz-Watsonville, CA: $4.90
Metros with the least expensive gas
#1. Lawton, OK: $2.58
#2. Oklahoma City, OK: $2.59
#3. Chattanooga (TN only), TN: $2.59
This story features writing by Tim Bruns and is part of a series utilizing data automation across 371 metros.
