Average retail gasoline prices in Nashville have fallen 10.4 cents per gallon in the past week, averaging $3.04 per gallon as of Sunday.
The per-gallon one-week price drop is the most significant in 2012 and continues a series of weekly dips.
The 10.4-cent decrease compares with the national average that fell 6.6 cents per gallon in the last week to $3.37 per gallon, according to gasoline price website NashvilleGasPrices.com.
Of note, per-gallon prices in the Nashville market averaged $3.60 in mid-March, the point at which they began their weekly decreases.
With the change, Nashville gas prices yesterday were 34.1 cents per gallon lower than on the same day one year ago and, likewise, 28.9 cents per gallon lower than four weeks ago. The national average decreased 24 cents per gallon during the last four weeks and stands 19.8 cents per gallon lower than on June 17, 2011.
The national average is at its lowest level since Feb. 4
"Oil prices rose significantly last Friday, reversing a downward trend,” GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said in a release. “It was the largest single day jump in recent memory. In some areas of the country, specifically the Great Lakes, gas station margins are fast approaching negative territory, meaning price hikes can be expected there. Other regions may see prices stabilize or jump higher as well. One thing is for sure: The yellow brick road won't be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming [July 4] holiday."
GasBuddy operates NashvilleGasPrices.com and more than 250 similar websites that track gasoline prices at approximately 140,000 gasoline stations in the United States and Canada.
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- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS