Gas Prices Drop 3.0 Cents In Chattanooga
Monday, July 2, 2018
Gasoline prices in Chattanooga have fallen 3.0 cents per gallon in the past week, averaging $2.50 per gallon on Sunday, according to GasBuddy's daily survey of 170 stations in Chattanooga. This compares with the national average that is unchanged versus last week to $2.84 per gallon, according to GasBuddy.
Average gasoline prices on July 2 in Chattanooga have ranged widely over the last five years:
$1.88 per gallon in 2017, $1.94 in 2016, $2.45 in 2015, $3.36 in 2014 and $3.22 in 2013.
Including the change locally during the past week, prices on Sunday were 62.8 cents per gallon higher than a year ago and are 12.4 cents per gallon lower than a month ago.
The national average has dropped 10.7 cents per gallon during the last month and stands 62.5 cents per gallon higher than a year ago.
Areas near Chattanooga and their current gas price climate:
Knoxville- $2.56, up 5.0 cents per gallon from last week's $2.51.
State of Tennessee- $2.56, down 1 cent per gallon from last week's $2.57.
Huntsville- $2.51, down 1.5 cents per gallon from last week's $2.53.
"Going into the July 4 holiday, I can't remember the last time oil markets were so active. Oil has surged over 10% just in time for summer's busiest travel holiday, costing motorists over $1 billion more than last year," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "All the ingredients exist for the national average to inch closer to $3 per gallon, just in time for the second half of the summer. Undoubtedly, the second half of the summer will be pricier than the first, thanks to OPEC's production increase falling short of expectations, sanctions to be placed back on Iran by November and falling U.S. oil inventories. And to rub some salt in the wound, hurricane season is still upon us, adding more guess work to where gas prices might spend the second half of the summer. Make no mistake, it won't be pretty, not nearly as "pretty" as the first half of the summer. Be ready for volatility and likely higher prices at the pump in July and August. "