Gas Prices Rise 17.0 Cents In Chattanooga
Chattanooga, February 19, 2024
Average gasoline prices in Chattanooga have risen 17.0 cents per gallon in the last week, averaging $2.95 per gallon on Monday, according to GasBuddy’s survey of 170 stations in Chattanooga. This increase comes amidst a national trend of rising gas prices that is impacting consumers across the country.
Local Impact
Prices in Chattanooga are now 32.7 cents per gallon higher than a month ago and stand 7.8 cents per gallon lower than a year ago. The cheapest station in Chattanooga was priced at $2.77 per gallon on Sunday, while the most expensive was $3.39, a difference of 62.0 cents per gallon.
National Trend
The national average price of gasoline has also risen, with a 8.7 cents per gallon increase in the last week, reaching an average of $3.26 on Monday. This marks a 16.7 cents per gallon increase from a month ago, but still stands 11.6 cents per gallon lower than a year ago.
Analysis and Projections
According to Patrick De Haan, the head of petroleum analysis at GasBuddy, the current rise in gas prices is part of the traditional spring increase that consumers experience every year. However, De Haan also mentions that there could be up to 8 more weeks of price increases before any potential decrease.
One of the key factors in determining how high gas prices will climb is the speed and efficiency at which refiners can complete their pre-summer maintenance, transition to producing EPA-mandated summer gasoline, and build up supply ahead of Memorial Day.
Historical Data
Looking back over the past ten years, it is evident that gas prices fluctuate annually. For example, on February 19, 2019, prices were at $2.14/g in Chattanooga, while on the same day in 2014, prices soared to $3.12/g.
Neighboring Areas
Neighboring areas such as Knoxville and Huntsville have also seen increases in gas prices. Knoxville’s average price is now $2.88, up 2.8 cents per gallon from last week, while Huntsville’s average stands at $2.96, up 3.5 cents per gallon from last week.
Final Thoughts
As gas prices continue to rise in Chattanooga and across the nation, consumers are advised to monitor their fuel expenses closely. With the potential for further increases in the coming weeks, budgeting for transportation costs will become even more crucial.
For more information and real-time updates on gas prices, consumers can visit GasBuddy’s website for the latest data and trends.