The average per-gallon price of regular gas in Tennessee was $3.38 Sunday, a drop of four 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 $3.44, down four cents from the $3.48 mark from a week ago.
During the past few weeks, oil prices have remained relatively stable, trading between $104 and $108 a barrel. Although expensive, according to AAA, the stability has helped keep pump prices from spiking as initially forecast.
Currently, equal pressures weigh on the market which is why both oil and gas prices have fluctuated since the Independence Day holiday, AAA reported. The cost for a barrel of crude dropped near $107 last week after the U.S. Labor Department reported fewer jobs were added in July than expected. However, the increased tensions in the Mideast and North Africa — along with the worldwide travel alert — have the market on edge and could cause fuel prices to spike should violence escalate in the region, AAA reported.
"As always, there are multiple factors [impacting] both oil and gas prices, yet motorists are paying only a few cents difference on average than they did this time last year," Jessica Brady, AAA spokeswoman, The Auto Club Group, said in a release. "So far, we haven't seen motorists make extensive behavior changes to their daily routines to save money as a direct result of increased gas prices. Although pump prices have made little movement in the past couple of weeks, there are still many variables that can cause prices to jump on a whim."
The cost for a barrel of oil closed last Friday at $104 on the NYMEX — only 70 cents less than the mark from the week prior.
The national average price of regular unleaded gasoline was $3.61 as of Sunday, two cents less than the figure of last week.
For comparison with Tennessee’s average of $3.38, Georgia’s average price for a gallon of regular gas as $3.50 yesterday, unchanged compared to the mark of last Sunday.