Chattanooga gas prices continued to fall last week, dropping another 4.7 cents per gallon to an average of $1.88 per gallon, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
The online gas reporting service said today Chattanooga gas prices, which have fallen 28.7 cents per gallon over the past month, are now among the lowest in the country. Nationwide, gas prices average $2.23 per gallon and statewide in Tennessee gas prices average $2.02 per gallon.
Gas prices fell even in the face of a record number of motorists traveling during the holiday vacation week, which typically pushes fuel costs higher.
"Even an uptick in demand for gasoline during the Fourth of July weekend couldn't slow falling retail gasoline prices," said Will Speer, senior petroleum analyst for GasBuddy..
Gas prices are still up in Chattanooga by 44 cents per gallon from the low reached in February, however. But local prices at the pump remain 52.2 cents per gallon lower than a year ago.
Gas prices dropped to only $1.76 per gallon at the Sam' Club on Lee Highway - the cheapest price in the area, according to GasBuddy.com.
Gas prices are benefiting by cheaper oil, which continued to fall in early morning trading today.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $44.91 a barrel early this morning, down 50 cents per barrel in the Globex electronic session.