Gas Prices Drop 2.7 Cents In Chattanooga

Monday, June 18, 2018

Gasoline prices in Chattanooga have fallen 2.7 cents per gallon in the past week, averaging $2.58 per gallon on Sunday, according to GasBuddy's daily survey of 170 stations in Chattanooga. This compares with the national average that has fallen 2.4 cents per gallon versus last week to $2.89 per gallon, according to GasBuddy.

Average gasoline prices on June 18 in Chattanooga have ranged widely over the last five years:
$1.94 per gallon in 2017, $2.10 in 2016, $2.51 in 2015, $3.39 in 2014 and $3.31 in 2013.

Including the change locally during the past week, prices on Sunday were 63.8 cents per gallon higher than a year ago and are unchanged versus a month ago.

The national average has dropped 3.1 cents per gallon during the last month and stands 60.9 cents per gallon higher than a year ago.

Areas near Chattanooga and their current gas price climate:
Knoxville- $2.57, down 4.0 cents per gallon from last week's $2.61.
State of Tennessee- $2.62, down 2.9 cents per gallon from last week's $2.65.
Huntsville- $2.58, down 3.0 cents per gallon from last week's $2.61.

"Average gas prices in the U.S. have fallen to their lowest in a month, following oil's continued slump as OPEC appears poised to adjust oil production levels and the U.S. nears its hitting 11 million barrels of oil pumped per day, the highest level ever," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that's leading to what nearly every American has been rooting for as of late- lower gas prices. While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn't been pressure on OPEC to act now that the (previous) glut of crude oil has been absorbed into the market. We see gas prices falling slightly into late June or early July before odds rise of hurricane season leading to some volatility at the pump, which could lead prices higher short term."