Gas prices in Chattanooga fell last week for the second consecutive week, dropping another 6 cents a gallon after concerns about the U.S. killing of Iran's military general earlier this month led to a brief spike in oil prices at the start of the year.
The average price of a gallon of regular gasoline in Chattanooga fell from $2.24 a week ago to $2.18 today, according to GasBuddy's daily survey of 170 stations. Gas prices in Chattanooga are still 24.9 cents per gallon higher than a year ago, but GasBuddy.com surveys show local prices at the pump remain 37 cents a gallon below the U.S. average price of $2.55 today.
The cheapest gas today in the Chattanooga area is being sold at the Costco station in Ringgold, Georgia which is selling regular at $2.06 per gallon, according to GasBuddy.com.
A separate survey released by AAA showed the average price of regular gas in Chattanooga today is $2.20.3 per gallon, or 12 cents a gallon less than the statewide average and 34 cents a gallon below the U.S. average.
Analysts predict gas prices could continue to ease in coming weeks ahead of the usual seasonal increase in the spring.
"With oil prices sagging lately, the door has been opened for a notable decline in U.S. gasoline prices, and that's exactly what has happened, with more declines likely coming ahead of us before the fun is over," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Demand for gasoline remains abysmal and the fuel being produced today will have to eventually be purged from the system over the next few months as refiners begin the transition to summer gasoline."