CLOSER TO HOMEThe average price of a gallon of regular gas in Chattanooga fell Tuesday below $3.05 per gallon, according to AAA’s fuel gauge survey. Local gas prices fell by 4.5 cents per gallon in the past week and are down 13.5 cents per gallon from the same time a year ago.
NEW YORK – The oil market has lost its jitters.
Some regions around the world are seeing the type of unrest that in the past sent oil prices soaring. Yet oil is down about $15 since mid-summer and near its low for the year.
Even with escalating violence in Iraq, OPEC’s second largest exporter, and multiple rounds of sanctions by Western nations against Russia, the biggest exporter outside of OPEC, oil keeps on flowing. The major exporting nations continue to ship their crude, and production in the U.S. and Canada continues to grow.
At the same time, demand from China and Europe isn’t growing as much as expected, leaving more oil on the market than predicted.