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What’s behind the 9-cent jump in Chattanooga gas prices?

FILE - In this Thursday, July 16, 2015, file photo, a customer re-fuels her car at a Costco in Robinson Township, Pa. The U.S. Energy Information Administration said Tuesday, Feb. 9, 2016, in its monthly short-term energy outlook that regular gasoline will average $1.98 a gallon nationwide in 2016. (AP Photo/Gene J. Puskar, File)
FILE - In this Thursday, July 16, 2015, file photo, a customer re-fuels her car at a Costco in Robinson Township, Pa. The U.S. Energy Information Administration said Tuesday, Feb. 9, 2016, in its monthly short-term energy outlook that regular gasoline will average $1.98 a gallon nationwide in 2016. (AP Photo/Gene J. Puskar, File) FILE - In this Thursday, July 16, 2015, file photo, a customer re-fuels her car at a Costco in Robinson Township, Pa. The U.S. Energy Information Administration said Tuesday, Feb. 9, 2016, in its monthly short-term energy outlook that regular gasoline will average $1.98 a gallon nationwide in 2016. (AP Photo/Gene J. Puskar, File)

By Dave Flessner 3 min read

Lowest Gas Prices in Chattanooga
Chattanooga Gas Prices provided by GasBuddy.com

Gas prices in Chattanooga rose for the second consecutive week, jumping by an average of 9 cents per gallon in the past week, according to GasBuddy’s daily survey of 170 gas outlets in Chattanooga.

The average price of a gallon of regular gas started the week in Chattanooga at $1.58, up from $1.49 a gallon a week ago and $1.43 a gallon two weeks ago when prices plunged to the lowest level in decades.

Gas prices could trend still higher following the 5 percent price jump in global oil markets Monday, pushing up the price of Brent oil to a 2016 peak above $40 a barrel after Ecuador said it was holding a meeting of Latin American crude producers as OPEC sought a higher anchor price for oil.

Oil prices have rallied more than 50 percent since hitting 12-year lows less than two months ago. Major OPEC producers are talking about a new oil price equilibrium of around $50, New York-based consultancy PIRA told Reuters New Service.

“It’s more confirmation that oil producers are close to achieving some kind of a deal on price support,” said Phil Flynn, analyst at Price Futures Group in Chicago. “It’s feeding bullish sentiment into a market that’s turned 180 degrees from where it stood just weeks ago.”