Average gasoline prices in Chattanooga have dropped by nearly 90 cents a gallon from the June highs and could drop even more as the summer travel season eases, according to a report from GasBuddy.com on Monday.
Prices at the pump in Chattanooga are still 78 cents a gallon above where they were a year ago. But GasBuddy surveys show Chattanooga motorists continue to enjoy average regular gas prices that are 55 cents a gallon below the national average.
The average price of regular gas in Chattanooga fell by 13.4 cents a gallon in the past week to $3.62 a gallon, according to GasBuddy's survey of 170 stations in Chattanooga. Prices in Chattanooga are 66.3 cents per gallon lower than a month ago and remain the lowest among the major cities in Tennessee.
According to GasBuddy.com, the cheapest gas in Chattanooga on Monday was at Sam's Club on Lee Highway and at the Marathon station on Ringgold Road in East Ridge where regular gas was priced Monday at $3.29 a gallon.
"We continue to see average gas prices falling in every state, with the national average down for the seventh straight week. Even better, nearly 20 states have also seen their average decline to $3.99 or less, with over 70,000 stations now at that level or below," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a report Monday. "The outlook is for a continued drop in most areas, however, some supply tightness in areas of the Northeastern U.S. could push prices up slightly until inventories rise, or imports do."
De Haan said Americans are spending nearly $330 million a day less on gasoline than they did in June when prices peaked.
"As long as oil prices hold at these levels or lower, we'll see another decline in most areas this week," he said.
U.S. crude oil prices fell 4.8% in trading on global markets on Monday, dragging energy stocks lower. Exxon Mobil lost 2.5%.
U.S. crude oil prices are still up roughly 25% in 2022.
- Compiled by Dave Flessner