The average per-gallon price of regular gas in Tennessee was $3.25 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 on Sunday was $3.31, down two cents from the $3.33 mark from a week ago.
Gas prices fell across the Southeast during what is annually the busiest summer holiday weekend. Although pump prices decreased, motorists still paid an average of 15 cents more for a gallon of regular gasoline than they did during last year’s Independence Day holiday.
Lower gas prices are not expected to last much longer after a barrel of oil closed at more than $100 on the New York Mercantile Exchange, the highest settlement since May of 2012, AAA reported. Unrest in Egypt continues to create concerns of supply disruptions in the Middle East, while increased fuel demand and a jump in U.S. payrolls helped push oil prices higher, AAA said.
"Motorists should enjoy the lower gas prices while they last, because all signs point to higher pump prices in the coming weeks," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release. "For the past two years, retail gas prices increased after the Independence Day holiday and it looks like that will be the trend this year.”
The cost for a barrel of oil closed last Friday at $103.22 on the New York Mercantile Exchange — $6.66 more than the figure from the week prior.
The national average price of regular unleaded gasoline is $3.47, two cents less than the mark of last week. For comparison with Tennessee’s average of $3.25, Georgia’s average price for a gallon of regular gas as $3.34 yesterday, three cents less than the mark of last Sunday.