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Gas prices continue to fall but decline may soon end

FILE - In this Nov. 16, 2018, file photo, a gas pump nozzle fills up gas in a car at a pump in West Mifflin, Pa. Expect prices to be relatively stable compared to this year, says Tom Kloza global head of energy analysis for the Oil Price Information Service. He said there is a good chance that 2019 will be book-ended by a very weak start for prices and a shaky finish _ with prices around $2.35 to $2.40 a gallon at each end. In between, prices will advance for both crude oil and gasoline.(AP Photo/Gene J. Puskar, File)
FILE - In this Nov. 16, 2018, file photo, a gas pump nozzle fills up gas in a car at a pump in West Mifflin, Pa. Expect prices to be relatively stable compared to this year, says Tom Kloza global head of energy analysis for the Oil Price Information Service. He said there is a good chance that 2019 will be book-ended by a very weak start for prices and a shaky finish _ with prices around $2.35 to $2.40 a gallon at each end. In between, prices will advance for both crude oil and gasoline.(AP Photo/Gene J. Puskar, File) FILE - In this Nov. 16, 2018, file photo, a gas pump nozzle fills up gas in a car at a pump in West Mifflin, Pa. Expect prices to be relatively stable compared to this year, says Tom Kloza global head of energy analysis for the Oil Price Information Service. He said there is a good chance that 2019 will be book-ended by a very weak start for prices and a shaky finish _ with prices around $2.35 to $2.40 a gallon at each end. In between, prices will advance for both crude oil and gasoline.(AP Photo/Gene J. Puskar, File)

By Dave Flessner 2 min read

Gasoline prices in Chattanooga fell last week by another 2.1 cents a gallon to the lowest level in more than two and a half years, but the price decline may soon be coming to an end.

The average price of a gallon of regular gas in Chattanooga fell this week to $1.79 a gallon – 19.7 cents a gallon less than a month ago and nearly 38 cents a gallon below the average price of a year ago, according to GasBuddy’s daily survey of 170 stations in Chattanooga.

Gasbuddy surveys show the average price of gas in Chattanooga is 43 cents a gallon below the U.S. average and the cheapest among the major cities in Tennessee and Georgia. A half dozen area stations in Ooltewah, Soddy-Daisy and Ringgold, Georgia were selling gas Monday for $1.69 per gallon – one of the lowest prices anywhere in the Tri-state region.

Despite cheaper prices and a busy holiday travel season, the latest data from the Energy Information Administration shows that gasoline demand fell in the last complete week of 2018 to 8.6 million barrels a day – the lowest weekly level since February 2017. Gasoline sales were down nearly 900,000 barrels a day below normal in recent weeks, suggesting that demand for gas may be lower than expected this winter.

“As the global crude market continues to be oversupplied, oil prices are dropping, continuing last week’s trend,” Jeanette Casselano, AAA spokesperson, said in a report Monday. “This is good news for motorists filling up at the pump.”

But with oil prices heading higher this winter, gas prices may be near their bottom for a while. U.S. oil prices rose Monday for the sixth consecutive day in trading on the New York Mercantile Exchange – the longest stretch of rising prices since July 2017. West Texas intermediate futures rose Monday by 1.2 percent to $48.52 a barrel after a report said Saudi Arabia would further reduce crude-oil exports.

Goldman Sachs on Monday downgraded it oil forecasts for 2019, but analysts still predicted that West Texas Intermediate oil prices would rise this year to an average $55.50 per barrel.

“The window for cheap gas prices continues to close and by mid-February will likely be completely closed, so do take advantage of the low prices while they last,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.

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