Gas Prices Drop 2.3 Cents In Chattanooga

Monday, May 16, 2016

Average retail gasoline prices in Chattanooga have fallen 2.3 cents per gallon in the past week, averaging $2.01 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has increased 1.7 cents per gallon in the last week to $2.22 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Chattanooga during the past week, prices Sunday were 47.8 cents per gallon lower than the same day one year ago and are 10.1 cents per gallon higher than a month ago.

The national average has increased 10.9 cents per gallon during the last month and stands 48.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 16 in Chattanooga have ranged widely over the last five years:
$2.49 in 2015, $3.47 in 2014, $3.20 in 2013, $3.41 in 2012 and $3.73 in 2011.

Areas nearby Chattanooga and their current gas price climate:
Knoxville- $2.04, down 1.3 cents per gallon from last week's $2.06.
State of Tennessee- $2.04, down 0.9 cents per gallon from last week's $2.05.
Huntsville- $2.04, flat from last week's $2.04.

“As the national average for retail gas prices appeared to be headed for a week over week decrease, prices popped back up thanks to a late-week surge by Great Lake states," said Will Speer, senior petroleum analyst with GasBuddy.com. "While pockets of significant gas price hikes were prevalent, especially in regions such as the Pacific Northwest and Rockies, 22 states actually had prices decrease. So, as states struggled to agree on the movement of gas prices, the national average barely moved as a result, only increasing a penny per gallon in one week’s time. With the Memorial Day holiday two weeks away, it marks the kickoff to the summer driving season. Gasoline demand that has already been strong this year will undoubtedly see a huge seasonal increase in demand. This paired with crude prices that continue to show signs of strength are going to keep further pressure on gas prices this summer.”