The average per-gallon price of regular gas in Tennessee was $3.26 as of Sunday, a two-cent drop compared to the figure from the previous week, according to AAA.
In Nashville, the average per-gallon price of regular gas was $3.29 as of Sunday, a one-cent dip compared to the figure from the previous week. (See chart below.)
As of Sunday, the national average price was $3.62, a one-cent decrease. More specifically, and to compare to Tennessee, Georgia’s per-gallon average of $3.44 dropped four cents.
“Unless there is an uptick in consumer demand or a major storm that disrupts refinery production, gas prices will likely continue on a downward path this month," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release. “Not only is fuel demand relatively weak, but consumer spending is down year-over-year, two factors that will keep bearish pressure on prices."
Relatedly, the nation’s oil inventories rose by 3 million barrels during the last week of May and climbed to an 82-year high. At the same time, U.S. oil output is at its highest level since 1992. In addition, AAA reported, OPEC decided to keep current oil production levels, even though worldwide demand is down.
The cost for a barrel of closed last Friday at $91.97 on the New York Mercantile Exchange — $2.18 less than the week prior, according to AAA.