The average per-gallon price of regular gas in Tennessee was $3.25 as of yesterday, a decrease of one cent compared to the figure from the previous week, according to AAA.
This marks the 10th straight week the state has seen prices, on average, dip.
In Nashville, the average per-gallon price of regular gas was 3.25 as of Sunday, a drop of two cents compared to the figure from the previous week. (See chart below.)
As of Sunday, the national average price was $3.52, a two-cent per-gallon increase. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.41 rose four cents.
Gas prices started to fluctuate last week after the cost for a barrel of oil jumped above $90 and has held steady in that price range.
The recent increase in U.S. employment numbers raised hopes for an increase in fuel demand and pushed oil prices higher as summer approaches, AAA reports.
However, it’s unlikely gas prices will spike in the coming weeks. The GDP and overall fuel demand numbers are still down. The nation’s oil stockpiles rose about 7 million barrels during the last week in April, according to the Energy Information Administration.
“Gas prices moved in both directions last week and are expected to do so again this week. Although pump prices will fluctuate, they’re not likely to spike," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release. “Until there’s a significant spike in fuel demand or an unforeseen event occurs that affects supply, gas prices will likely remain relatively stable.
A barrel of oil closed Friday at $95.61 on the New York Mercantile Exchange — $2.61 more than the week prior.