The average per-gallon price of regular gas in Tennessee was $3.30 as of Sunday, a four-cent rise compared to the figure from the previous week, according to AAA.
In Nashville, the average per-gallon price of regular gas was $3.35 as of Sunday, a six-cent rise compared to the figure from the previous week. (See chart below.)
As of Sunday, the national average price was $3.63, a one-cent decrease. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.45 rose one cent.
“Although the increase in oil demand hasn’t caused gas prices to spike, it has stalled the downward trend seen during the past couple of weeks," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release. “It’s too early to tell if motorists will start to see a consistent increase in gas prices as we enter the heart of summer, especially since oil prices have remained relatively stable between $90 and $95 a barrel."
Relatedly, crude prices rose after the U.S. Labor Department reported a payroll increase of 175,000 in May, more than initially forecast. Supply and demand numbers also helped to bolster oil prices and market confidence.
The Energy Information Administration reported that total U.S. oil consumption rose almost 3 percent in the first week of June to 18.8 million barrels a day. The nation’s supplies also dropped as a result. After America’s oil stockpiles rose by 3 million barrels during the last week of May, they fell twice that amount since the start of June.
The cost for a barrel of closed last Friday at $96.03 on the New York Mercantile Exchange — $4.06 more than the figure from the week prior, according to AAA.