The average per-gallon price of regular gas in Tennessee was $3.26 as of yesterday, a decrease of two cents compared to the figure from the previous week, according to AAA.
This marks the ninth straight week the state has seen prices, on average, dip.
In Nashville, the average per-gallon price of regular gas was $3.27 as of Sunday, a drop of four cents compared to the figure from the previous week. (See chart below.)
As of Sunday, the national average price was $3.50, a two-cent per-gallon decrease. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.37 rose three cents.
Although gas prices fell again last week, oil prices quickly jumped after government reports showed U.S. jobless claims rose less than forecast. The news pushed a barrel of oil near $95, only to be countered by more pessimistic news about the economy, AAA reports.
A barrel of oil closed Friday at $93 on the New York Mercantile Exchange — $4.99 more than the mark of the week prior.
After oil prices spiked, they quickly deflated after the U.S. Commerce Department said GDP grew less than expected during the first quarter of the year. Inventories of crude continue to climb beyond 20-year highs, and U.S. oil production remains ample.
“The market is expected to be volatile this week, so it's likely motorists will see little movement in pump prices this week," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release.