The average per-gallon price of regular gas in Tennessee was $3.42 Sunday, a drop of three cents compared to the mark from the previous week, according to AAA.
Relatedly, the Nashville market's per-gallon gas price average (see below) on Sunday was $3.48, down three cents from the $3.51 mark from a week ago.
Gas price averages dipped slightly from last week across the Southeast, and oil and gas prices are expected to remain volatile in the weeks to come, especially as peak hurricane season approaches, according to AAA The Auto Club Group.
The same factors — tensions in Egypt, supply drops and inclement weather — continue to place upward pressure on oil prices, AAA reports. However, it was China's recent cut in excess manufacturing that caused crude prices to drop from last week, creating concerns of slowed economic growth and reduced fuel demand in the country, AAA reports. This factor alone isn't enough to cause oil prices to drop sharply to the point that motorists will see a significant difference in pump prices.
"Although gas prices in the Southeast fell a bit, I wouldn’t get too excited. There is still a strong likelihood pump prices will steadily increase over the next few weeks, even if there are slight price dips from time to time,” Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release.
The cost for a barrel of oil closed last Friday at $104.70 on the NYMEX — $3.35 less than the mark from the week prior.
The national average price of regular unleaded gasoline was $3.63 as of Sunday, four cents less than the figure of last week. For comparison with Tennessee’s average of $3.42, Georgia’s average price for a gallon of regular gas as $3.50 yesterday, four cents less than the mark of last Sunday.