Gas Prices Drop 8.6 Cents In Chattanooga
Monday, October 23, 2017
Average retail gasoline prices in Chattanooga have fallen 8.6 cents per gallon in the past week, averaging $2.11 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.44, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Chattanooga during the past week, prices on Sunday were 11.5 cents per gallon higher than the same day one year ago and are 39.2 cents per gallon lower than a month ago.
The national average has decreased 12.0 cents per gallon during the last month and stands 22.2 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on Oct. 23 in Chattanooga have ranged widely over the last five years:
$1.99 per gallon in 2016, $1.89 in 2015, $2.72 in 2014, $3.11 in 2013 and $3.37 in 2012.
Areas near Chattanooga and their current gas price climate:
Knoxville- $2.19, down 3.6 cents per gallon from last week's $2.23.
State of Tennessee- $2.24, down 2.5 cents per gallon from last week's $2.27.
Huntsville- $2.22, down 4.0 cents per gallon from last week's $2.26.
"The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly three years, or 1,087 days as the days of cheap oil have continued. While recent actions from OPEC may cause oil prices to hold above the key $50 per barrel level, there is no threat of a quick return to the $3 per gallon days. In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey. The future isn't all roses, however- some areas of the Midwest have seen prices rise as refineries undergo seasonal maintenance and inventories in the region remain tight, keeping prices elevated. Regional hotspots like this may continue in the weeks ahead as gas stations come closer to fully passing along lower gas prices after Harvey and now become subject to new factors driving prices up and down."