Gasoline prices continued to edge higher last week for Chattanooga motorists, but homeowners will get a slight break next month in their electric rates.
Fuel prices in Chattanooga rose for the third consecutive week last week, adding another 2.2 cents per gallon to the typical price a gallon of regular gas, now averaging $1.98 per gallon. Gas prices in Chattanooga are up 20 cents a gallon since the low in early January, but remain 27 cents per gallon below the U.S. average and remain 38 cents per gallon below the level of a year ago.
“The percent of gas stations in the U.S. selling under $2 per gallon fell from 37 percent to 27 percent over the last week as oil prices hold above $53 per barrel,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “We’re also starting to see early refineries begin seasonal maintenance, which may aid prices moving higher in the weeks ahead.”
But while gas is getting more expensive at Chattanooga pumps, the Tennessee Valley Authority said it will trim its electric rates in February by 1.1 percent compared with its January rate, due to slightly more favorable fuel costs.
TVA’s monthly fuel cost adjustment will reduce the electric bill for a typical EPB homeowner consuming 1,295 kilowatthours of electricity from $144.40 this month to $142.78 next month. But next month’s electric bills, assuming the same consumption, will still be 2.2 percent higher than a year ago due to base rate increases and changes in fuel costs from a year ago. As a result, a typical EPB customer will likely pay $3.14 more on next month’s electric bill than a year ago due to higher rates.