Gas prices in Chattanooga continued to rise last week, reaching the highest level since September when prices were recovering from hurricanes Harvey and Irma. Nationwide, the average price at the pump is the highest in nearly three years.
Average retail gasoline prices in Chattanooga rose another 0.9 cents per gallon in the past week, averaging $2.46 per gallon Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. But the GasBuddy survey results released Monday also showed prices at the pump in Chattanooga are 29 cents cheaper than the U.S. average of $2.75 per gallon.
As oil prices have increased and springtime driving has increased, the price of gas in Chattanooga has risen 17.1 cents per gallon in the past month and are up 34.5 cents per gallon from the same time a year ago.
Patrick DeHaan, head of petroleum analysis for GasBuddy, said a record high demand was reached for gasoline last week, even ahead of the traditionally busy summer driving season, and that could portend even higher prices this summer.
"The road ahead at the pump looks quite ominous if that demand number proves common in the coming weeks," DeHaan said. "With President Trump's tweet last week targeting the price of oil, there may be additional scrutiny on oil prices in the coming weeks that bears monitoring. OPEC has been remarkably successful in better aligning supply to demand, draining the crude oil glut, and pushing oil prices to their highest since 2014."
Nationwide, gas prices are up to their highest price since July 2015, according to surveys by both Gasbuddy.com and AAA - The Auto Club, which released a similar survey of gas prices today.
"The price of oil is about 25 percent more than last year, as what used to be a global supply glut, is now tightening," AAA spokesman Mark Jenkins said. "Now the added expense for oil is making it more expensive to produce gasoline. In addition, gasoline demand is strong and inventories are down, as refineries wrap up their maintenance season and begin pushing out summer- blend gasoline. So there are currently a number of factors keeping upward pressure on gas prices."
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