Chattanooga gas prices rise 6.2 cents per gallon in past week

Chattanooga gas prices rise 6.2 cents per gallon in past week

Oil prices rise to 3-year high

January 15th, 2018 by Dave Flessner in Breaking News

Average retail gasoline prices in Chattanooga rose 6.2 cents per gallon last week, rising to $2.24 per gallon, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga released today.

Local gas prices are up 13.4 cents per gallon in the past month and are up 16.6 cents per gallon from a year ago. Local prices at the pump are up 61 cents per gallon from the same time two years ago, said.

But refueling in Chattanooga still averaged 28 cents per gallon less than the U.S. average and are still among the cheapest cities for gas in the MidSouth.

"With oil prices rallying to their highest level since 2014, it's no surprise that gasoline prices continue to show frustrating strength for this time of year," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "While winter is usually a time for modest declines at the pump, this year has seen anything but."

But DeHaan said gasoline production "remains very strong at a time of year when it tends to be weak, and that could open the door for some larger discounts in the weeks ahead" as refiners begin to move winter gasoline out of inventories to prepare for the transition to cleaner burning gasoline.

Oil prices rose in thin trading Monday to the highest prices since December 2014. U.S. West Texas Intermediate (WTI) crude futures rose Monday by 51 cents to $64.81 a barrel.

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