Gas Prices Figures Skyrocket in Chattanooga
Unprecedentedly, average gasoline prices in Chattanooga have surged by 23.8 cents per gallon in just the last week, reported by HERE News Network based on their survey of 170 stations in Chattanooga. As of now, the average price per gallon stands at $3.06.
The prices are 21.6 cents per gallon more expensive than a month ago and are higher by 6.0 cents per gallon when compared to a year ago. On the national front, the price of diesel has also taken a spike by 1.4 cents in the last week, with the current standing price at $3.77 per gallon.
Price Differences in Chattanooga and Across the State
The GasBuddy price reports depict a considerable difference in prices among the stations in Chattanooga. With a significant variation of 64.0 cents per gallon, the least expensive station was selling gas at $2.71 while the most costly one tagged it at $3.35 on Sunday.
Meanwhile, across the state on the same day, the lowest price was at $2.65 while the highest was at a striking $4.19, showing a massive difference of $1.54 per gallon.
National Gasoline Price Trends
Over the last week, the national average price for gasoline has risen by 5.0 cents, placing the current average at $3.46 per gallon. However, this average is down by 6.0 cents per gallon compared to the prices a month ago, and is 5.4 cents per gallon cheaper than what it was a year back, based on the data compiled by GasBuddy from more than 11 million weekly price reports which cover over 150,000 gas stations across the country.
Historical Perspective
Looking back to the gas price trends from the past ten years on the same date, July 1, for Chattanooga and the national average, it has seen some ups and downs, with the most expensive year being 2022 and the cheapest being 2017.
Current Gas Prices in Neighboring Areas
When it comes to the neighboring areas, Knoxville experienced a rise by 2.7 cents per gallon from last week’s $2.98, currently averaging $3.01. The entire state of Tennessee experienced an upsurge in prices by 11.9 cents per gallon from last week’s $2.97, with the current average price being $3.09. Interestingly, Huntsville’s gas prices remain unchanged from last week, also at an average of $3.09.
What’s Coming?
“Given that July 4 is just around the corner, for the third consecutive week, the national average price of gasoline has seen a slight increase,” shared the head of petroleum analysis at HERE News Network, and added that “With oil persistently exceeding $80 per barrel, the national average might continue to creep up slowly. Although prices surged early in the week in areas experiencing price cycling, in such areas prices are now starting to come down. For the many Americans hitting the road for the July 4 holiday, most areas’ prices are quite comparable to what was seen last July 4. Regardless, the formation of Hurricane Beryl in the Caribbean now reminds us of how second-half summer gas prices could see some impact, particularly if such a storm threatens refining capacity in Texas or Louisiana.”
