| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |
Chattanooga gas prices fell for a second consecutive week last week, cutting the average retail price of regular gas by 7.1 cents per gallon from a week earlier and 10.4 cents per gallon cheaper than two weeks ago, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
Prices at the pump in Chattanooga averaged $2.09 per gallon on Sunday - 25 cents per gallon less than the U.S. average of $2.34 per gallon. Although Chattanooga gas prices are up 65 cents per gallon from their February lows, local gas prices are still 42 cents per gallon cheaper than a year ago and $1.31 per gallon below the prices of two years ago.
Regular gas was priced as low as $1.89 per gallon Mondaty at a Raceway station on Highway 153 near Highway 27, which GasBuddy.com reported was the lowest fuel price in the Chattanooga area.
Will Speer, GasBuddy senior petroleum analyst, said the decline in retail gas prices reflects the drop in crude oil prices in recent weeks.
"The price of crude oil, which had been gaining steam leading up to June, has now experienced a sustained downturn over the last couple of weeks," he said "As crude oil prices have cooled off, the impact is finally being felt in the retail gasoline sector."
Speer said energy markets "will be anxiously awaiting the outcome of whether the United Kingdom will remain in the European Union." British voters will decide Thursday whether to stay or leave the EU and polls show a divided electorate over the issue. The uncertainty over the stability of the EU without Britain could impact crude and American gas prices, Speer said.
U.S. oil prices jumped nearly 3 percent on Monday as polls showing a lower likelihood of Britain leaving the European Union weakened the dollar, and boosted commodities priced in the U.S. currency.
August Brent crude futures were up $1.38, or 2.8 percent, at $50.55 a barrel. The contract has risen more than 6 percent since Thursday's settlement, after falling 10 percent in six previous sessions.