Average retail gasoline prices in Chattanooga have fallen 3.4 cents per gallon in the past week, averaging $3.54 per gallon Sunday. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $3.66 per gallon, according to gasoline price website ChattanoogaGasPrices.com.
Including the change in gas prices in Chattanooga during the past week, prices Sunday were 95.2 cents per gallon higher than the same day one year ago and are 12.1 cents per gallon higher than a month ago. The national average has increased 4.6 cents per gallon during the last month and stands 88.6 cents per gallon higher than this day one year ago.
"We're watching an incredible decline in the price of crude oil and gasoline futures that will most certainly have an impact in the upcoming week at the pump, said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "While motorists won't see large drops all at once, I most certainly expect declines in the days ahead. Oil prices have shed nearly $15 per barrel in just a week- a dramatic decline brought on by various concerns, but mainly a weak manufacturing report and concern surrounding a possible downgrade of U.S. credit ratings."