Gasoline prices continued to fall last week in Chattanooga, dropping to an average of $1.86 per gallon, or 39 percent below the price of a year ago at this time.
According to GasBuddy's daily survey of 170 gas outlets in Chattanooga, local gas prices fell an average of 3.6 cents per gallon last week and remained 43 cents per gallon below the U.S. average. A year ago, the average price of gas in Chattanooga was nearly $3.05 a gallon and the national average was $3.33 a gallon, GasBuddy said.
GasBuddy reports today that three stations on Cummings Highway in Lookout Valley are selling regular gas at $1.75 per gallon — the lowest reported prices in the region.
"The national average gasoline price had a solid decline in the last week, thanks to renewed pessimism in the oil patch after the Fed's decision to hold interest rates steady," Patrick DeHaan, senior petroleum analyst for GasBuddy, said in a statement today. "Nearly one in four stations (nationwide) are now selling gasoline under $2 a gallon, and it looks like that should only grow in the weeks ahead. With much of the country now on winter gasoline, there is less pressure on prices during the upcoming fall maintenance season at the nation's refineries. I continue to believe that the national average will fall under $2 a gallon, perhaps even sooner than expected."