Prices at the pump are down several cents on average this week compared to last as the Organization of the Petroleum Exporting Countries announced it will continue production cuts for oil through the remainder of this year and into the next. A gallon of regular gasoline remains roughly the same price on average as it was this time one year ago.

In a statement Monday, GasBuddy analyst Patrick De Haan said he doesn’t anticipate the extension of those cuts to place upward pressure on prices. With demand for gas falling since Memorial Day weekend and “refiners inputting the largest amount of oil into their facilities in years, it’s very likely we’ll continue to see gas prices fall as we approach July 4.”

In April, higher gas prices were adding to consumers’ anxiety about the future of the economy, adding to a continued monthslong decline in the consumer confidence index. That confidence level rose some with the most recent reading in May, though it still sits at a level that typically signals a recession is on the horizon.

Stacker compiled statistics on gas prices in Memphis (TN only) metro area using data from AAA. Gas prices are current as of June 3.

Memphis by the numbers
– Gas current price: $3.12
— Tennessee average: $3.08
– Week change: -$0.06 (-1.8%)
– Year change: -$0.04 (-1.4%)
– Historical expensive gas price: $4.65 (6/14/22)

– Diesel current price: $3.85
– Week change: -$0.00 (-0.1%)
– Year change: -$0.08 (-2.0%)
– Historical expensive diesel price: $5.59 (6/18/22)

Metros with the most expensive gas
#1. Napa, CA: $5.42
#2. Santa Rosa, CA: $5.31
#3. Salinas, CA: $5.28

Metros with the least expensive gas
#1. Amarillo, TX: $2.85
#2. Lubbock, TX: $2.86
#3. Chattanooga (TN only), TN: $2.90

This story features writing by Dom DiFurio and is part of a series utilizing data automation across 371 metros.