James Lewis pumps gas at a station in this file photo.Average retail gasoline prices in Chattanooga fell another 2.2 cents a gallon last week to $2.15 a gallon, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga.
Despite an increase in gas prices in the Midwest due to a refinery shutdown, local prices at the pump continued to fall and averaged 53 cents per gallon less than the U.S. average price of $2.68 per gallon, which was up by an average 8.5 cents per gallon last week.
Prices at some gas stations in Chattanooga are as low as $2.04 per gallon today and are projected to soon fall below $2 a gallon, particularly after the summer driving season slows following Labor Day.
"Obviously, the story about fuel prices last week was all about a massive spike in gasoline prices throughout the Midwest," said Patrick DeHaan, GasBuddy senior petroleum analyst. "Prices have risen in Great Lakes states at paces rivaling and exceeding prior records, which I would pin on an unexpected emergency shutdown of a unit at BP's Whiting, Indiana refinery. In addition, there have been other scheduled outages in the Midwest that may be leading to gasoline demand outpacing supply in the region, essentially causing panic on gasoline markets."
Gas prices are likely to decline in coming weeks due to lower oil prices, which fell this morning near their lowest levels in more than six years.
West Texas Intermediate oil was trading 65 cents lower at $41.85 a barrel this morning, close to its lowest level in more than six years.
Chattanooga gas prices Sunday were down 91.5 cents per gallon from the same time a year ago.
| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |