With a glut of gasoline at refineries, prices motorists pay at the pump fell last week and are expected to decline even more this week, according to a report today by GasBuddy.com.
The average retail price of regular gas in Chattanooga declined by 3.1 cents per gallon last week to $2.08 per gallon among the 170 gas outlets in Chattanooga surveyed by GasBuddy.com. Chattanooga gas prices averaged 30 cents per gallon less than the U.S. average, but were still up by 8.8 cents a gallon from a month ago and were 3.3 cents per gallon higher than a year ago, GasBuddy.com surveys show.
“An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps,” said Dan McTeague, GasBuddy senior petroleum analyst. “The expected bump in fuel demand doesn’t seem to be coming, leaving refineries with a lot of inventory that has yet to find a market. Gas prices appear poised to drop yet again this week.”