Gas Prices Plunge 18.7 Cents in Chattanooga

Gas Prices Plunge 18.7 Cents in Chattanooga

A significant drop noted after a survey of 170 gas stations

Residents of Chattanooga observed a noteworthy decrease in gasoline prices this week, with a drop of 18.7 cents per gallon. The average price now stands at $3.09 per gallon, based on a survey conducted by GasBuddy across 170 stations situated in Chattanooga city.

The current prices in Chattanooga are 16.4 cents per gallon lower than the rates recorded a month ago. Despite the recent decline, the current rates are still 1.4 cents per gallon higher compared to the same time last year.

The national average price of diesel followed suit with a decrease of 4.6 cents over the past week, settling at $3.90 per gallon today.

Price Disparities Across the State

The lowest and highest gas prices in Chattanooga were $2.72 and $3.39 respectively on Sunday, creating a significant price gap of 67.0 cents per gallon. Across the state, the price difference was even larger, with the lowest and highest-priced stations charging $2.72 and $4.50 per gallon, respectively, a difference of $1.78 per gallon.

National Average Follows the Declining Trend

The national average price of gasoline mimicked the local trend, falling 3.2 cents per gallon over the last week. The national average stands at $3.58 per gallon today. This is a decrease of 3.7 cents per gallon from the prices recorded a month ago. However, it is a 6.1 cents per gallon increase from the prices measured this time last year.

Historical Gasoline Prices

Historical gasoline price trends in Chattanooga compared to the national average price over the last decade are as follows:

• May 13, 2023: $3.07/g (U.S. Average: $3.52/g)
• May 13, 2022: $4.10/g (U.S. Average: $4.44/g)
• May 13, 2021: $2.77/g (U.S. Average: $3.03/g)
• May 13, 2020: $1.61/g (U.S. Average: $1.86/g)
• May 13, 2019: $2.41/g (U.S. Average: $2.86/g)
• May 13, 2018: $2.52/g (U.S. Average: $2.86/g)
• May 13, 2017: $2.00/g (U.S. Average: $2.33/g)
• May 13, 2016: $2.02/g (U.S. Average: $2.22/g)
• May 13, 2015: $2.39/g (U.S. Average: $2.67/g)
• May 13, 2014: $3.48/g (U.S. Average: $3.64/g)

Neighboring Areas and Their Current Gas Prices

The current gas prices in neighboring areas compared to last week’s prices are as follows:

• Knoxville: $3.25, down 6.3 cents per gallon from last week’s $3.31.
• State of Tennessee: $3.21, down 9.7 cents per gallon from last week’s $3.31.
• Huntsville: $3.23, down 3.1 cents per gallon from last week’s $3.26.

Petroleum analysis expert at GasBuddy, Patrick De Haan remarked, “While pump prices haven’t exactly plummeted, we’ve seen the average price of gasoline drop in a majority of states over the last week as refineries finish maintenance and ramp up output of products like gasoline.”

De Haan continued, “With gas prices now nearing a 10-cent drop to the high we saw a few weeks ago, the future looks good as we get closer to Memorial Day; price drops could potentially accelerate after last week’s jobs data shows the economy continues to cool off. While gas prices stand slightly above where they were last year, I expect most Americans will see prices fall before the holiday weekend, and I’m optimistic the trend could extend into June and beyond. I’m excited to say it does appear that for now, the worst is behind us.”

---

HERE News Network, Chattanooga