| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |
Gas prices continued to fall in Chattanooga, dropping an average of 5.1 cents a gallon in the past year to the lowest nominal level since November 2008 and the lowest inflation-adjusted price since such records have been kept, according to gasoline price website GasBuddy.com.
The average price of a gallon of regular gas on Sunday fell to $1.55 in Chattanooga, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. Chattanooga gas prices averaged 27 cents a gallon below the U.S. average price of $1.82 a gallon.
Gas was priced as low as $1.43 a gallon today at the Sam's Club station on Lee Highway - the cheapest in the Chattanooga area according to GasBuddy.com. Including the change in gas prices in Chattanooga during the past week, prices Sunday in Chattanooga were 27.5 cents per gallon lower than the same day one year ago and are 14.8 cents per gallon lower than a month ago.
Oil prices were trading lower today after rising last week. Will Speer, a GasBuddy senior petroleum analyst, said gasoline inventories at 245 million barrels are the highest the U.S. has had since March 1990, suggesting that gas prices will remain low for some time.
"As the Northeast digs out from the brutal blizzard Jonas, commodities markets are attempting to dig themselves out of their recent hole," Speer said. "Crude oil futures have lost 18 percent of value since the end of 2015 and have cleared the way for the retail gasoline price decline. Ample supply has been attributed as the cause of prices falling at the pump."