The Fluctuation of Gas Prices in Memphis Over the Past Week

Gas prices are on the decline this week as the Organization of the Petroleum Exporting Countries (OPEC) announced it will continue production cuts for oil through the end of the year and into the next. This news comes as a relief to consumers, as a gallon of regular gasoline remains roughly the same price on average as it was a year ago.

GasBuddy analyst Patrick De Haan stated that the extension of production cuts is not expected to push prices higher. With a decrease in demand for gas since Memorial Day weekend and refineries processing more oil than in previous years, it is likely that gas prices will continue to fall as we approach the Fourth of July.

In April, rising gas prices were contributing to consumer anxiety about the economy, leading to a decline in the consumer confidence index. While the most recent reading in May showed a slight increase in confidence, the index still suggests a looming recession.

According to data from AAA, gas prices in the Memphis metro area are currently at $3.12 per gallon, slightly lower than the Tennessee average of $3.08. Diesel prices are also down, with the current price at $3.85 per gallon.

Among the metros with the most expensive gas prices are Napa, CA at $5.42 per gallon, Santa Rosa, CA at $5.31, and Salinas, CA at $5.28. On the other hand, the metros with the least expensive gas include Amarillo, TX at $2.85, Lubbock, TX at $2.86, and Chattanooga, TN at $2.90.

Overall, the trend of falling gas prices is expected to continue in the coming weeks, providing some relief to consumers at the pump.