| Lowest Gas Prices in Chattanooga |
| Chattanooga Gas Prices provided by GasBuddy.com |
Lowest Gas Prices in Chattanooga, TN
* 1.59 Pure 6020 Dayton Blvd near Dowlen Rd * 1.65 Sam's Club 6101 Lee Hwy near Vance Rd * 1.65 Gas 'N Go 1706 Dodds Ave & E 18th St * 1.68 Mapco 8604 N Hickory Valley Rd & TN-58 * 1.68 Mapco 200 Browns Ferry Rd & Parker Ln http://www.gasbuddy.com
Gas prices jumped an average of 19.5 cents per gallon last week as local stations passed along higher crude oil prices to motorists.
The average retail gasoline price in Chattanooga at the start of the week was $1.77 per gallon, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. Gas prices in Chattanooga have risen more than 32 cents per gallon from the lows reached in February, but Chattanooga gas prices remain 16 cents per gallon below the U.S average of $1.93 per gallon, GasBuddy said Monday.
"The cheapest gas prices of the year are now solidly behind us as the national average will soon again hit $2," Patrick DeHaan, senior petroleum analyst for GasBuddy, said in a statement. "The current upward trend is an unfortunate one that we witness every year, but the sudden jolt this time around has been enhanced by a 45 percent jump in the price of crude oil in the last month.
U.S. crude oil prices did fall on Monday by 3.43 percent, or $1.32 per barrel, to $37.18 a barrel. The drop follows Friday's three-month high reached at $39.02 a barrel, up from the 12-year low of $26.05 a month earlier.
"Oil is down [today] because Iran said they would only join the output freeze group once they reached production of 4 million barrels a day," Tamas Varga, an oil analyst at London brokerage PVM Oil Associates, told the Reuters news service Monday.
In the Chattanooga area, gas prices on Monday were as low as $1.59 a gallon at one Pure gas station on Dayton Boulevard. But most stations were selling gas for far higher prices.
Gas prices in Chattanooga were still an average of 32.3 cents per gallon less than a year ago, according to Gasbuddy.com
"The large jump in crude oil prices comes amidst record oil inventories, yet it's the mere threat that oil supply could be slashed from OPEC and non-OPEC countries at the same time oil demand is growing, driving prices higher," DeHaan said. "And while oil inventories sound staggering at over 500 million barrels, that number represents 26 days of U.S. oil consumption, a rise of three days versus inventories a year ago. At the end of the day, we expect this rally in gasoline prices to run for another month or two before stalling out."
DeHaan did offer some good news for motorists. Despite the recent price hikes, GasBuddy projects gas prices this summer could still be the lowest they have been for any summer in a decade.