Gas Prices Drop 14.1 Cents In Chattanooga

In a noticeable sigh of economic relief, the average gas prices in Chattanooga have dropped 14.1 cents per gallon just in the last week. As recorded on Monday, the average price per gallon is $2.90, according to a survey conducted by GasBuddy from 170 gas stations in Chattanooga.

This price drop is not just significant for the past week. The prices currently hold at 18.0 cents per gallon lower than the rates a month ago, and impressively, 45.0 cents per gallon lower than this time the previous year.

National Average Drop and Price Differences

The national average price of gasoline has also experienced a slight decrease. A 0.7 cents per gallon drop from last week resulted in an average of $3.47 on Monday, as reported by GasBuddy’s data compiled from over 11 million weekly price reports, which included data from 150,000+ nationwide gas stations.

Even though a price drop was seen nationally, there was a significant difference in prices throughout Chattanooga. The cheapest station was priced at $2.76 on Sunday, and the most expensive price was $3.29, deducing a difference of 53.0 cents per gallon.

Looking at the larger picture, the lowest price within the state on Sunday was marked at $2.59 while the highest gas price hit $4.19, a startling difference of $1.60 per gallon.

Trend Over the Last Decade

Historical data indicates several fluctuations in average gasoline prices over the last decade. For instance, as of July 29th from the past ten years, the prices were recorded as:

• 2023: $3.35/g (U.S. Average: $3.73/g)
• 2022: $3.67/g (U.S. Average: $4.21/g)
• 2021: $2.84/g (U.S. Average: $3.16/g)
• 2020: $1.89/g (U.S. Average: $2.19/g)
• 2019: $2.32/g (U.S. Average: $2.72/g)
• 2018: $2.51/g (U.S. Average: $2.84/g)
• 2017: $2.01/g (U.S. Average: $2.31/g)
• 2016: $1.75/g (U.S. Average: $2.13/g)
• 2015: $2.28/g (U.S. Average: $2.68/g)
• 2014: $3.18/g (U.S. Average: $3.51/g)

Gas Prices in Neighboring Areas

In comparison with neighboring areas, Knoxville saw a price drop of 4.3 cents per gallon, resulting in an average price of $2.96 last week. The state of Tennessee tagged along with a 7.7 cents per gallon drop, tallying the average at $3.02. Meanwhile, Huntsville witnessed a minor drop of 1.8 cents per gallon, standing at $3.13 from last week’s $3.14.

A Word from the Expert

“We are still seeing a mixed reaction when it comes to gas prices across the country,” said Patrick De Haan, head of petroleum analysis at GasBuddy. States in the Great Lakes region are still reeling from the impact of the Joliet, IL refinery outage, which has also affected some areas in Canada, while the West Coast is witnessing notable price drops. Given that the summer season is about to end, and observing currently underwhelming oil prices and gas demand, we could see the national average fall even more, especially when the Illinois refinery resumes operations”. Given the onset of hurricane season, further fluctuation remains a quiet wildcard for now.