Chattanooga Gas Prices Drop Significantly from Last Year’s, according to Recent Survey
Chattanooga, a city known for its scenic views and vibrant street art, is seeing a considerable drop in its gas prices compared to last year. An impressive downward trend has been noted, with fuel prices around 21 cents lesser per gallon than the previous year. The latest survey indicates that this decline may continue even further, providing potential relief to Chattanooga locals and visitors alike.
The Numbers Don’t Lie
Following a consistent six-week trend of decreasing gas prices in the city, the average price of regular gas experienced a slight increase last week, rising by 3.1 cents per gallon, as per a citywide survey of 170 petrol stations. Despite this, Chattanooga residents continue to benefit from cheaper fuel costs compared to the rest of the nation, with the cost of gasoline still 20.7 cents cheaper per gallon than it was a year ago.
Comparing Prices Nationwide
According to the fuel information service, GasBuddy.com, the average price for regular gas in Chattanooga on Sunday was $2.85 a gallon. This price is approximately 16% lower than the U.S. average of 3.40 dollars per gallon. Even though Chattanooga’s gas prices saw a slight increase in the last week, they are still 30.2 cents lower per gallon compared to last month and 53 cents cheaper per gallon than the peak prices in early May.
Meanwhile, a nationwide decrease in gas demand led to a 10-cent drop in gas prices per gallon last week, as reported by the Energy Information Administration. The national average price of diesel also fell 6.7 cents per gallon last week reaching $3.75, as reported by Gasbuddy.
The Future of Fuel Pricing
Experts predict that the decrease in fuel prices has the potential for further decline. Patrick De Haan, lead petroleum analyst at GasBuddy, observed the significant weekly drop in nationwide average gas prices, particularly noting its timing at the start of the summer driving season. He stated that due to the price drops, American consumers would be saving approximately $425 million per week on gasoline compared to last year. Alongside this, diesel prices have hit their lowest level since Russia’s invasion of Ukraine in 2022, and De Haan expects further drops in both gasoline and diesel prices ahead of July 4.
Another survey released by AAA last week showed the largest nationwide decrease in fuel prices for any week of the year. Andrew Gross, AAA spokesperson, assured that the recent decrease in pump prices appeared to be sustainable. He speculated that more states should see their averages drop below $3 per gallon in the coming weeks.
Ranking among States
Last week, Tennessee had the seventh-lowest average price of gas among all states at an average of $3.07 per gallon for regular gas, while Mississippi held the top spot with the cheapest average gas price at $2.98 per gallon, as stated by AAA.
Clearly, drivers in Chattanooga and across the state of Tennessee have reasons to cheer. Thanks to dropping gas prices, each trip to the pump is a little bit easier on the pocketbook, allowing citizens to allocate their resources to other areas.
Report Compiled by HERE News Network
