Memorial Day travelers enjoyed the cheapest gas prices in Chattanooga in 12 years over the weekend with the average price of gas in Chattanooga at the start of this week priced 13.7 cents per gallon less than a year ago years and $1.42 a gallon below the peak levels reached three years ago, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
The average price of a gallon of regular gas this week in Chattanooga was unchanged from the previous week at $2 a gallon. Local gas prices average 36 cents per gallon below the U.S. average and were 10 cents per gallon less than the statewide average across all of Tennessee.
Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said motorists in 13 states, including Tennessee, Georgia and Alabama, enjoyed the cheapest Memorial Day gas prices since 2005.
"With the national average now seeing minor decline and roughly at the same point it was a week ago, summer gas prices are shaping up to be quite a bit lower than previous expectations and similar to what we saw last summer.," DeHaan said. "This sets up a great summer season to hit the road, pointing to rising U.S. oil production in the midst of oil production cuts from OPEC for the stable prices."
Benchmark U.S. crude rose 44 cents to $50.24 a barrel in electronic trading on the New York Mercantile Exchange today.
According to GasBuddy historical data, gasoline prices on May 30 in Chattanooga have ranged widely over the last five years: $2.14/g in 2016, $2.47/g in 2015, $3.42/g in 2014, $3.20/g in 2013 and $3.24/g in 2012.
Areas near Chattanooga and their current gas price climate:
- Knoxville- $2.08/g, down 1.2 cents per gallon from last week's $2.09/g.
- Tennessee- $2.10/g, up 0.3 cents per gallon from last week's $2.09/g.
- Huntsville- $2.10/g, flat from last week's $2.11/g.
"With the summer driving season officially started, gasoline prices stand just a few cents higher than where they started last summer, an impressive feat," said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. "Surprisingly, Ohio, Indiana, Illinois, Michigan, Georgia, Kentucky, Tennessee, North Carolina, South Carolina, Alabama, Maine, Missouri and Iowa just witnessed the cheapest Memorial Day at the pump since 2005, a major feat. With the national average now seeing minor decline and roughly at the same point it was a week ago, summer gas prices are shaping up to be quite a bit lower than previous expectations and similar to what we saw last summer. This sets up a great summer season to hit the road, pointing to rising U.S. oil production in the midst of oil production cuts from OPEC for the stable prices."
Benchmark U.S. crude rose 44 cents to $50.24 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 90 cents on Friday. Brent crude, the international standard, gained 40 cents to $52.55 a barrel in London.