Gas prices drop as low as $1.36 per gallon in East Ridge, Middle Valley

Average fuel prices at 50-year low, adjusted for inflation

February 15, 2016 at 10:13 a.m. | Updated February 15, 2016 at 10:14 a.m.

by Dave Flessner

FILE - In this July 16, 2015, photo, a customer refuels her car at a Costco in Pittsburgh. U.S. consumer prices rose modestly in October, 2015 as low gasoline costs and a strong dollar have suppressed inflation. The Labor Department says the consumer price index rose 0.2 percent last month after falling in September and August. Gas costs increased 0.4 percent in October but have plunged 27.8 percent over the past 12 months. (AP Photo/Gene J. Puskar)
FILE - In this July 16, 2015, photo, a customer refuels her car at a Costco in Pittsburgh. U.S. consumer prices rose modestly in October, 2015 as low gasoline costs and a strong dollar have suppressed inflation. The Labor Department says the consumer price index rose 0.2 percent last month after falling in September and August. Gas costs increased 0.4 percent in October but have plunged 27.8 percent over the past 12 months. (AP Photo/Gene J. Puskar)

Gas prices in Chattanooga fell today to as low as $1.36 a gallon at gas outlets in East Ridge and Middle Valley, according to GasBuddy.com.

The daily survey of 170 stations in Chattanooga on Sunday showed the average price of regular gas in Chattanooga was $1.44 per gallon - matching the lowest price of the past decade reached briefly in November 2008 downturn. Adjusted for inflation, local gas prices are now at the lowest they have been since 1965.

Chattanooga gas prices, on average, are 25 cents per gallon below the U.S. average, according to GasBuddy.com. Including the change in gas prices in Chattanooga during the past week, prices Sunday in Chattanooga were 71 cents per gallon lower than the same day one year ago and 18.9 cents per gallon lower than a month ago.

But analysts warn that such low prices may not last.

"Sadly, these incredibly low gas prices won't be here forever, as refineries talk of production cuts with crude oil at 13-year low," said Jeff Pelton, a GasBuddy.com senior petroleum analyst. "Additionally, their spring turnarounds and the changeover to summer spec gasoline also loom ominously on the horizon. The sooner the refineries can complete their maintenance and start producing gasoline again the better for drivers everywhere."

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