Gasoline prices fell in the past week to their lowest level in 16 months, saving the typical car owner more than $20 for a tankful of gasoline compared to the peak prices paid six months ago.
The average price of regular gas in Chattanooga fell another 14 cents per gallon in the past week, dropping to $2.72 a gallon, according to GasBuddy’s survey of 170 stations in Chattanooga. From the peak of $4.56 a gallon reached in June, prices at the pump in Chattanooga have dropped by more than 40%, or an average of $1.84 a gallon.
The national average price of diesel has fallen 14.9 cents in the past week and stands at $4.91 per gallon.
Patrick De Haan, head of petroleum analysis at GasBuddy, said motorists should get an early Christmas gift with even lower prices as the busy holiday travel season approaches.
“Not only has the decline in gasoline prices lasted five straight weeks, with again every state seeing a weekly decline in its average, but average diesel prices have fallen in 49 states over the last week as well,” De Haan said in a report Monday. “We remain on schedule to see the national average gas price fall below $3 by Christmas, with diesel set to fall 50 cents to $1 per gallon over the next six weeks or so.”