Gas Prices Drop 1.6 Cents In Chattanooga

Monday, December 4, 2017

Average retail gasoline prices in Chattanooga have fallen 1.6 cents per gallon in the past week, averaging $2.14 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 3.5 cents per gallon in the last week to $2.46 per gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Chattanooga during the past week, prices on Sunday were 21.1 cents per gallon higher than the same day one year ago and are 1.8 cents per gallon higher than a month ago.

The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on Dec. 4 in Chattanooga have ranged widely over the last five years:
$1.93 per gallon in 2016, $1.75 in 2015, $2.45 in 2014, $3.17 in 2013 and $3.14 in 2012.

Areas near Chattanooga and their current gas price climate:
Knoxville- $2.24, down 3.7 cents per gallon from last week's $2.28.
State of Tennessee- $2.25, down 1.3 cents per gallon from last week's $2.26.
Huntsville- $2.21, down 1 cent per gallon from last week's $2.22.

"With OPEC deciding last week to extend last year's agreement on oil production cuts, the future for gasoline prices isn't as rosy," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC's extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017's yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it's likely that prices may again rise approaching the New Year as oil prices continue to show strength."