Gasoline prices in Chattanooga fell 3.5 cents a gallon last week and averaged 29 cents per gallon less than the U.S. average, according to GasBuddy’s daily survey of 170 stations in Chattanooga.
But the $2.54-per-gallon average price for regular gas at the pump was still 43 cents per gallon higher than at this time a year ago and was up 54 cents a gallon from where gas prices were two years ago, GasBuddy said in a report released today.
Chattanooga boasts the lowest average gas prices among the major cities in Tennessee and two gas stations on Cummings Highway in Lookout Valley near the Interstate 24 exit – Exxon and the Murphy USA – have the lowest regular gas prices of any station in Tennessee, Georgia or Tennessee at $2.38 per gallon.
“Much of the country continues to enjoy broad decreases in gas prices as oil prices drop to $69 per barrel,” Patrick DeHaan, head of petroleum analysis at GasBuddy, said in a report today. “In fact, with the exception of the West Coast where an earlier natural gas pipeline shut down caused prices to up, nearly every state saw prices move lower.”
The drop in gas prices is typical following the busy summer travel season, but that decline was delayed this year due to concern over Iran sanctions and OPEC production.
“While Great Lakes states may see prices bounce off current lows in the week ahead, much of the rest of the country will likely see additional downward movement,” DeHaan said.
According to a separate price survey by AAA showed that gas prices in Tennessee have declined for the past 10 consecutive days.
“Motorists are getting a welcome reprieve from high prices at the pump,” said Mark Jenkins, a spokesman for AAA – The Auto Club Group. “Gas prices have been pushed lower by oil prices, which significantly declined during the past two weeks. The market is responding to strong gains in domestic oil supplies, easing global supply concerns. Motorists can expect additional declines at the pump if oil prices drop again this week.”
But the higher gas prices compared with a year ago is costing the typical Tennessee motorist an extra $6 to fill up his or her vehicle. On average, Tennessee motorists spend $40 for a full tank of gasoline.