Average gasoline prices in Huntsville fell 3.7 cents per gallon in the last week, averaging $3.04 on Monday, according to GasBuddy's survey of 261 stations in Huntsville.
The organization said Huntsville gas prices are 2.6 cents per gallon lower than a month ago and 96.9 cents per gallon lower than a year ago.
GasBuddy said the cheapest gas price in Huntsville on Sunday was $2.85 per gallon, with the most expensive at $3.34 per gallon. The lowest price in Alabama was reported as $2.81 on Sunday, with $3.49 as the highest.
The national average price of gasoline for the last week was $3.40 per gallon on Monday. The national average is up 4.3 cents per gallon from a month ago and stands 82.9 cents per gallon lower than a year ago.
"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy.
"While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check.
"Overall, there are a lot of possibilities."
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