Gas Prices Dropped by 11.9 Cents in Chattanooga

Summary

Gas prices in Chattanooga, Tennessee, witnessed a significant drop, falling by 11.9 cents per gallon in last week. The average price for gasoline stood at $3.01 per gallon on Monday, showing a surprising relief for the city’s inhabitants, according to a survey of 170 stations by GasBuddy.

Comparison with National and State Prices

The prices in Chattanooga were confirmed to be 7.9 cents per gallon higher than a month ago but interestingly, remain 5.7 cents per gallon higher than the same period last year. Simultaneously, the national average price of diesel increased by 2.3 cents over the past week reaching $3.83 per gallon. Notably, Chattanooga saw the lowest gas price in the state at an impressive $2.85, while the highest price was marked at $3.37, a remarkable difference of 52.0 cents per gallon.

In comparison to the national average, Chattanooga’s gas prices demonstrate a significant dip. The national average price of gasoline increased by 2.5 cents per gallon in the last week, pegging the national average at $3.49 per gallon. Despite the rise, the national average remains 5.2 cents per gallon higher than a month ago, but 5.8 cents per gallon lower than a year ago. These nationwide figures come from GasBuddy’s data, which compiles over 11 million weekly price reports from more than 150,000 gas stations across the United States.

Historical Perspective

To give a historical perspective, back in July 2014, the average gas price in Chattanooga was $3.26 per gallon compared to the national average of $3.60 per gallon. Fast forward to July 2020, the average gas prices in Chattanooga decreased to $1.90 per gallon, with the national average at $2.20 per gallon. In 2021, prices increased slightly to $2.81 per gallon in Chattanooga and $3.16 per gallon nationally. Now in July 2024, despite fluctuations, Chattanooga’s average stands at $3.01 per gallon compared to the national average of $3.49 per gallon.

Other Regions and Their Pricing

Compared to neighboring regions, Chattanooga has managed to maintain a competitive standing. Knoxville saw prices fall to $3.02, a 0.9 cents per gallon drop from last week’s $3.03. In contrast, the state of Tennessee saw an average price of $3.08 per gallon, which is down by 6.8 cents from last week’s average of $3.15. However, Huntsville reported an increase in price, climbing 4.6 cents per gallon from last week’s $3.14, to settle at $3.18.

Analyst Insights

According to Patrick De Haan, head of petroleum analysis at GasBuddy, the current trend in gas prices resembles the stalled fluctuations observed last year. He stated, “Much like last summer, the nation’s average price of gasoline has remained somewhat stuck in the mid-$3 per gallon range… For now, we’ll continue to see small price fluctuations as we await news of any hurricane-fueled refinery disruptions or other supply challenges as we head into the busiest weeks of the summer travel season.”

Source: HERE News Network