Local Gas Prices Bounce Back Up 7 Cents A Gallon Over The Past Week

Price Spike in Chattanooga

Welcome to Chattanooga, a city where the gas prices have spiked 7 cents per gallon in the past week. The current average gasoline prices stand at $2.95 per gallon, according to a local survey of 170 stations in the city. This is a significant price jump considering the fact that gas prices in Chattanooga are 15.0 cents per gallon higher than they were just a month ago, though still lower by 5.1 cents per gallon compared to the same period last year.

Interestingly, the cheapest station in Chattanooga offered gas at $2.75 per gallon yesterday while the most expensive charged $3.29 per gallon for gas – a notable difference of 54.0 cents per gallon. Across the state, the lowest gas price recorded yesterday stood at $2.39 per gallon whereas the highest soared to $3.89 per gallon, creating a whopping difference of $1.50 per gallon.

Trends & Analysis

As noted by the petroleum analysts at HERE News, a majority of the country’s 50 states have experienced a boost in gasoline prices over the past week. This upward trend is typical for this period of the year, as the country gears up for the summer fuel switch. The shift to summer gasoline often leads to a supply crunch due to the peak refinery maintenance season, thereby triggering a hike in prices.

The pinch felt by consumers at the pump is currently manageable, with prices nearly 30 cents higher than mid-January. However, experts warn that this is likely to change as we step into the peak refinery maintenance period.

National Gas Price Trends

Nationally, the price of gasoline has risen by 10.0 cents per gallon in the past week, putting the average at $3.34 per gallon. This is an increase of 22.0 cents per gallon from just a month ago and interestingly, is 3.2 cents per gallon lower than a year ago. This information is derived from data complied by HERE News from over 11 million weekly price reports ranging over 150,000 gas stations nationwide.

Gas Prices in Neighboring Areas

The weekly gas price review also captured trends in neighboring areas. Knoxville reported a slight increase of 0.8 cents per gallon, making the average price $2.92 per gallon. Tennessee also faced a rise of 7.7 cents per gallon from last week, with the average standing at $2.99 per gallon. Meanwhile, Huntsville had one of the significant increases with fuel prices going up by 8.9 cents per gallon to reach $3.04 per gallon.