Gas prices may drop to under $2 a gallon in Chattanooga by this fall

Gas prices tile

Gas prices continue to fall in the past week and could cut prices at the pump to below $2 a gallon in Chattanooga by this fall, a GasBuddy.com analyst said today.

The average price of a gallon of regular gas in Chattanooga fell another 3.6 cents per gallon in the past week to $2.36 per gallon, according to GasBuddy’s daily survey of 170 gas outlets in Chattanooga. Chattanooga gas prices averaged 40 cents per gallon less than the U.S. average on Sunday, GasBuddy said today.

Over the past month, Chattanooga gas prices have dropped an average of 14.6 cents and are now 85.7 cents per gallon lower than the same day one year ago. The national average has decreased 3.5 cents per gallon during the last month and stands 81.2 cents per gallon lower than this day one year ago.

“Rest assured lower prices will be coming back in the weeks ahead,” Patrick DeHaan, GasBuddy senior petroleum analyst, said in a statement today. “With oil nearing $50 per barrel, there’s a very good possibility that by mid-fall, gasoline prices could fall under $2 a gallon in a growing number of states.”