The average per-gallon price of regular gas in Tennessee was $3.53 as of yesterday, a decrease of five cents compared to the figure from the previous week, according to AAA.
This marks the second straight week the state has seen prices, on average, dip five cents. Last week was the first time since January that the weekly average for a gallon of regular gas, both statewide and throughout the country, retreated. Gas prices steadily climbed from mid-January until last week, breaking records and making February’s national average of $3.65 the highest in history.
As of Sunday, the national average price was $3.70, also a five-cent per-gallon decrease. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.64 decreased seven cents.
In Nashville, the average per-gallon price of regular gas was 3.56 as of Sunday, a drop of five cents compared to the figure from the previous week. (See chart below.)
Currently, oil prices stand at $91.95 a barrel, $1.27 more than the mark from the week prior, AAA reports.
The market is currently pulled in both directions, with a positive economic outlook based on the recent employment data and bearish fundamentals as oil stockpiles increase, AAA reports. The U.S. Labor Department reported an increase in U.S. jobs, putting the jobless rate at a five-year low and boosting the fuel demand outlook. However, the nation's crude stockpiles rose by 3.8 million barrels last week, the most since June, according to the Energy Information Administration. The dollar also reached a high against the euro this year, helping to weigh down oil prices, AAA reports.
"Gas prices are expected to decrease further in the short-term and will likely stay below year-ago levels,” Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release.
“However, motorists are not in the clear yet,” she added. “Pump prices may inch back up in April, before peaking as initially forecast by the EIA at the start of the year."