The average price of gas in Chattanooga dropped another 2.8 cents per gallon in the past week to $1.52 per gallon – the lowest nominal price since 2008 and the cheapest inflation-adjusted price since 1965, according to GasBuddy’s daily survey of 170 gas outlets in Chattanooga.
The online gas price survey showed gas prices in Chattanooga this week are 40.3 cents per gallon below a year ago and are 28 cents per gallon below the U.S. average.
The price fell on Monday as low as $1.37 a gallon at a Kangaroo station in Middle Valley.
But Patrick DeHaan, GasBuddy.com senior petroleum analyst, said higher crude oil prices in the past couple of weeks could push gas prices higher in coming weeks.
“With more talk of an organized cut in oil output between some of the world’s largest producers, there may be more upside potential in the future, should those talks pan out,” he said. “For now, due to a lag time from rising oil prices, gasoline prices in many areas may continue to drift lower, but don’t be caught by surprise if in a few weeks they revert and move higher.”