Gasoline prices in Chattanooga rose by an average 7.5 cents per gallon last week, rising to the highest level so far this year.
But Chattanooga fuel prices remain the lowest in Tennessee and are still 28 cents per gallon fewer than the national average, according to a pair of gas survey reports released Monday.
As millions of Americans prepare to hit the road for spring break and the upcoming Easter holiday weekend, local gas prices are expected to soon rise to their highest average since last October.
"Gasoline demand has been very strong the past few weeks, as Americans travel for spring break," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "This robust gasoline demand, coupled with lower supply levels, are setting the stage for rising prices in the coming weeks."
Crude oil futures slipped in trading Monday as investors cashed in some profits from last week's rally but concerns about Saudi-Iran tensions kept losses in check. Brent crude futures fell 33 cents per barrel, or 0.5 percent, to settle at $70.12 a barrel Monday. U.S. West Texas Intermediate crude futures also lost half a percent, or 33 cents, to end at $65.55 per barrel.
Last week, Brent gained 6.4 percent and West Texas Intermediate prices rose 5.7 percent, the strongest weekly gains since July.
"I don't see anything extraordinarily bearish in the market today," Bob Yawger, director of energy futures at Mizuho in New York, told Reuters new service. "I think some folks here are just happy to take profits."
Chattanooga gas prices are now priced 34.6 cents per gallon higher than the same day one year ago and are 9.7 cents per gallon higher than a month ago, according to a survey of 170 area gas stations by the website GasBuddy.com.
"The jump at the pump has continued unabated over the last week as oil prices have rallied and the typical spring fever starts to grip energy markets, causing gas prices to continue to accelerate," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "As March wraps up, gas prices are going out like a small lion, but there may be a larger lion looming in the weeks ahead. The surge at the pump is by no means over just yet."
On Monday, four gas stations in Lookout Valley - Mapco, BP, Murphy USA and Exxon stations - all boasted the lowest gas price in the region at $2.14 per gallon. Overall, Chattanooga's average price was $2.32 per gallon at the start of the week - the cheapest average price among the major cities in Tennessee, followed by Cleveland, Tenn. where gas averaged only three cents more at $2.35 per gallon.
The most expensive gas price averages in Tennessee are in Morristown at $2.45 per gallon and in Nashville at $2.44 per gallon, on average, according to AAA.
Contact Dave Flessner at dflessner@timesfreepress.com or at 757-6340.
| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |