Gas prices tileRon Puckett was on his way to lunch Monday when he spotted the $1.69-per-gallon gas price at the Raceway on Signal Mountain Road and quickly maneuvered his Ford 150 pickup truck in for a refill.
“I can’t remember the last time it was this cheap,” the Ringgold, Ga., salesman said. “I typically drive a couple of hundred miles a week so this is a huge savings for me.”
The average price of gas in Chattanooga fell another 6.6 cents a gallon in the past week, dropping to an average $1.86 per gallon among the 170 outlets surveyed by the online gas reporting service GasBuddy.com. A half dozen gas stations on Signal Mountain and Mountain Creek Roads were selling gas at $1.69 per gallon on Monday – the lowest price at the pump since gas prices dipped to a seven-year low briefly in February.
Chattanooga gas prices averaged 34 cents a gallon less than the U.S. average on Monday and analysts said they expect prices to fall even more in coming weeks. Chattanooga gas prices this week average 80.2 cents a gallon, or 30 percent less, than they did a year ago and are 6.8 cents per gallon lower than a month ago.
GasBuddy analysts predict gas prices should fall even more this fall.
“October ends with the Halloween tradition of trick-or- treating. The good news for drivers is that the treats should extend into November,” said Jeff Pelton, a GasBuddy’s senior petroleum analyst.
Pelton predicts as refineries finish up their planned rounds of maintenance, more gasoline will be available. The higher ouput, coupled with the lower demand that comes with the fall season, should push November retail prices down another 10 to 12 cents, Pelton said.
Crude prices edged lower again Monday after two straight weeks of losses as traders continued to speculate that the oversupply in oil products could swell from unseasonably warm weather and the waning maintenance cycle for U.S. refineries. U.S. crude futures fell 62 cents per barrel, or nearly 1.4 percent, in trading Monday to close at $43.98 a barrel, its lowest settlement since Aug. 10.
While oil producers are making less money, Chattanooga motorists said they are enjoying the lower prices.
“My hybrid gets 43 miles per gallon, but I still like to see lower gas prices,” UTC Engineering Professor Phil Kazemersky said Monday as he filled up his Ford Fusion Hybrid SE.
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.
| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |