Chattanooga gas prices down 37 percent in the past year

Gas prices tile

Gas prices plunged last week by the biggest amount so far this year, lowering the average cost of a gallon of regular gas in Chattanooga by 8.4 cents per gallon to $2 per gallon, according to the gasoline price website GasBuddy.com.

According to the web site's daily survey of 170 gas outlets in Chattanooga, local gas prices are down nearly 27 cents per gallon in the past month and are $1.15.5 cents lower than the same time a year ago, or a yearly drop of nearly 37 percent in average prices.

Nationwide, GasBuddy said gas prices plunged 12.8 cents per gallon last week to an average of $2.47 per gallon.

"Nationally, gas prices saw their largest weekly drop of the year," said Patrick DeHaan, GasBuddy senior petroleum analyst. "The national average now stands at its lowest point since April, a fitting way to close out the summer driving season with Labor Day approaching. While oil prices rallied late last week, I don't yet expect it to impact pump prices, as they still have some catching up to do with the drop in crude oil prices. Since June 30, oil prices have fallen 23 percent while retail gasoline prices have fallen about half that amount, so gasoline prices will move lower again this week."