Chattanooga gas prices continued to fall last week, cutting the price of fuel in the past month by 23 cents a gallon and leaving nearly a dozen area gas stations now selling regular gas below $2 a gallon, according to GasBuddy's daily survey of gas stations.
The average price of regular gas in Chattanooga fell 5.8 cents a gallon in the past week to an average of $2.08 a gallon. Local gas prices average 37 cents below the U.S. average of $2.45 a gallon for regular gas, GasBuddy.com said. But regular gas in Chattanooga is still priced 15.3 cents a gallon higher than a year ago.
The cheapest gas in Tennessee is being sold today for $1.92 a gallon at a Mapco station in Memphis and at a Fastop station in Sevierville. The lowest price gas in the Chattanooga area is at the Sam's Club on Lee Highway which is selling regular gas at $1.95. A BP station and a Murphy USA station in Cleveland also are selling regular gas today at $1.95 a gallon.
Chattanooga and Cleveland continue to have the lowest average fuel prices among major cities in the Tennessee.
"For the third straight week, motorists have been greeted by falling gasoline prices in virtually every corner in every city and state in the country," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Oil prices continue to sag on worries over the spread of the coronavirus, blowing the door wide open for a continued slump at the pump. Nearly 5,000 stations are currently selling gasoline under $2 per gallon, a critical psychological level."
DeHaan said he expects the decline in gas pries to continue this week.
"Motorists need not be in a rush to fill up again, and with prices plummeting, I would urge them to be mindful that some stations are passing the drops on much faster and to shop around," he said.
As oil prices fall in response to the Coronavirus and fears of a global slowdown, OPEC is considering cutting back production to stabilize prices, CNBC reported today.
"The oil market is under pressure and prices have dropped to under $60 a barrel and efforts must be made to balance it," Iranian Oil Minister Bijan Zanganeh said.