Chattanooga gas prices rose an average of 4.3 cents per gallon last week, raising the price at the pump for a gallon of regular gas by 15.6 cents per gallon from a month ago when July 4th travelers enjoyed some of the lowest holiday gas prices in decades, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
The online gas price service said today that Chattanooga still remained among the 25 cheapest major cities in the United States . GasBuddy.com said the average price of gas in Chattanooga Sunday of $2.05 per gallon was still 27 cents per gallon less than the U.S. average of $2.33 per gallon.
In the Chattanooga area, more than a dozen gas stations are still selling gas below $2 a gallon today, according to GasBuddy.com surveys. The lowest Chattanooga gas prices today are in St Elmo where a Gas N Go outlet and a BP station, both on Tennessee Avenue, are selling regular gas at $1.92 per gallon.
Chattanooga gas prices were the 25th lowest among the more than 300 metropolitan cities sampled by GasBuddy.com for gas prices on Sunday.
Including the change in gas prices in Chattanooga during the past week, prices Sunday in Chattanooga were 26.6 cents per gallon higher than the same day one year ago and are 15.6 cents per gallon higher than a month ago.
Patrick DeHaan, senior petroleum analyst for GasBuddy, said the increase in gas prices at the pump reflects the global market for oil, which has pushed up oil prices in the past month.
"For the third straight week, gasoline prices have accelerated with the national average at its highest level in over eight weeks, driven by rising oil prices as inventories continue to tighten and concern over Venezuela lingers," DeHaan said in a report today. "Looking behind us however, gas prices have remained in a relatively tight range for the last year, staying within a 30 cent wide range. While we're likely to see gas prices continuing to move higher in the week ahead as they catch up to oil, we're unlikely to break out of the well-established rut in the national average which has kept prices between $2.12 and $2.42 for the last 15 months."
Oil prices ended last week higher, trading above $50 per barrel for September deliveries. But oil futures edged down on Monday over concerns about how effective output caps by OPEC would be and the prospect of a drop in demand as the end of the busy summer driving season approaches.
On the New York Mercantile Exchange, crude futures today for delivery in September CLU7 were down 64 cents, or 1.3 percen, to $49.94 a barrel in the Globex electronic session.