The average per-gallon price of regular gas in Tennessee was $3.50 as of yesterday, a decrease of three cents compared to the figure from the previous week, according to AAA.
This marks the third straight week the state has seen prices, on average, dip. Two weeks ago was the first time since January that the weekly average for a gallon of regular gas, both statewide and throughout the country, retreated.
As of Sunday, the national average price was $3.69, a one-cent per-gallon decrease. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.59 decreased five cents.
In Nashville, the average per-gallon price of regular gas was 3.55 as of Sunday, a drop of one cent compared to the figure from the previous week. (See chart below.)
Currently, oil prices stand at $93.45 a barrel, $1.50 more than the mark from the week prior, AAA reports.
Last week, the value of the dollar fell against the euro and increased buying power for foreign investors, thus pushing oil prices higher, according to AAA. In addition, the U.S. Labor Department reported first-time unemployment claims fell by 10,000 when they were projected to increase. This bolstered optimism of a demand rebound in the coming weeks, AAA reports.
"Gas prices slid again this week, but the rate of decrease is expected to slow as we approach spring — a time when demand starts to pick up," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release."If prices do fall this week, the decrease will likely be minimal, otherwise prices should remain stable and below year-ago levels."