Gas prices in Chattanooga continued to fall last week, dropping to the lowest level since early summer.
The average price of a gallon of gas in Chattanooga on Sunday was $1.94 per gallon, down 5.5 cents per gallon from a week earlier and down nearly 20 cents a gallon from a month ago, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that fell 2 cents per gallon last week to $2.20 per gallon, the gasoline price website GasBuddy.com said today.
Including the change in gas prices in Chattanooga during the past week, local gas prices are 10.1 cents per gallon higher than the same day one year ago.
Gas priced today dipped to only $1.76 per gallon at a couple of gas stations in Hixson today, GasBuddy said.
Gregg Laskoski, senior petroleum analyst for GasBuddy, said the discussion among OPEC members about a production cut in oil last week boosted some oil prices, although no consensus has been reached among the OPEC nations.
"Through October we saw the benchmark WTI crude gradually rise from the mid-$40s (per gbarrel) and we also saw a streak that began in July 2014 --with the U.S. average price of gas positioned lower than the previous year for 119 consecutive weeks-- end last week," Laskoski said. "Overall, market fundamentals suggest little price movement and perhaps just a nominal decrease in pump prices to begin November, with wholesale gasoline prices trending lower in recent weeks."
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| Chattanooga Gas Prices provided by GasBuddy.com |