Nashville's gas price average dips fifth straight week

The average per-gallon price of regular gas in Nashville on Sunday was $3.29, down two cents from the mark of a week ago and down 18 cents from the price of four weeks ago, according to AAA The Auto Club Group.

The drop marks the fifth consecutive week in which the city's average per-gallon price of regular gas dropped from the mark of the previous week.

Relatedly, Tennessee’s average price was $3.24 Sunday, three cents less compared to the figure from the previous week and down 17 cents compared to the mark from a month ago. The $3.24 is also the cheapest price since March.

Gas prices have fallen more than 40 consecutive days in the Southeast. Since late June, the average price for a gallon of regular unleaded dropped 26 cents in Florida, 25 cents in Georgia and 24 cents in Tennessee.  

"Prices are falling at about a half cent a day and aren't showing signs of slowing down," said Mark Jenkins, spokesman for AAA — The Auto Club Group. "It's unusual to see prices steadily decline in the late summer months, but increases in domestic oil supply are helping to offset fluctuations in demand during the busy summer travel season."

The price of oil made minimal declines Friday, falling only 23 cents last week, compared to the $4.21 discount the week before. The price for a barrel of WTI settled at $97.65 on the NYMEX.