After a price jump earlier this month, average gasoline prices in Chattanooga declined by 8.6 cents per gallon in the past week and could decline even more this fall, according to the online gasoline pricing service GasBuddy.com
In its survey of 170 Chattanooga area stations released Monday, GasBuddy found the average price of regular gas fell in Chattanooga over the past week to $3.20 a gallon, or 66 cents a gallon below the U.S. average. Local gas prices are still up 12.9 cents per gallon from a month ago and are 9.6 cents per gallon higher than a year ago, but analysts said prices at the pump could drop again this week.
"With oil prices struggling a bit after reaching $93 after OPEC+'s decision to cut production, many regions could see falling gas prices again this week as demand continues to decline seasonally, especially if more data points to a significant economic slowdown," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a report Monday. "Motorists are reminded that the decline in gasoline prices is seasonal and should continue into the fall, and is unrelated to the coming election. Seasonality is king in driving prices, not the desires or hopes of politicians."
From the record-high peak of $4.54 a gallon for the average price of regular gas in Chattanooga in June, gas prices have dropped by nearly 30%.
Despite the drop in regular fuel, DeHaan said diesel prices have been somewhat mixed, with prices heading higher in the Northeast as inventories drop to extremely tight levels ahead of the heating oil season.
The national average price of diesel has risen 4 cents in the last week and stands at $5.30 per gallon.
According to GasBuddy price reports, the cheapest station in Chattanooga is the Sam's Club station on Lee Highway, which is selling regular gas at $2.91 a gallon. That's the second lowest price of any station in Tennessee, according to GasBuddy surveys.
-- Compiled by Dave Flessner