The average per-gallon price of regular gas in Nashville on Sunday was $3.18, down four cents from the mark of a week ago and 14 cents from the $3.32 figure a month ago, according to AAA.
Relatedly, Tennessee's mark was $3.14 Sunday, down four cents compared to the mark from the previous week.
After gas prices jumped on the announcement of the government reopen, bearish fundamentals pushed them back down, AAA reported.
U.S. inventories rose 5.25 million barrels last week to 381 million barrels, the most since June, according to the Energy Information Administration.
Current production is up about 6 percent as well. Talks to suspend sanctions against Iran may increase global oil supply and also place downward pressure on fuel prices, AAA reported. The current national average of $3.29 is the lowest daily average so far this month.
"Gas prices will likely move lower this week and may continue the downward trend into November," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Supply and demand numbers are bearish and the easing of sanctions against Iran will also push prices lower in the coming weeks. Overall, pump prices should be pretty affordable come the Thanksgiving holiday weekend."
The cost for a barrel of oil closed last Friday at $97.85 on the New York Mercantile Exchange — down $2.96 from the mark of the week prior.
The national average price of regular unleaded gasoline was $3.29 as of Sunday, six cents less than the figure as seen the previous Sunday.
For comparison with Tennessee’s average of $3.14, Georgia’s average price for a gallon of regular gas was $3.26 yesterday, a decrease of four cents compared to the mark of the previous Sunday. Florida's average of $3.28 represented a drop of five cents.
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