Gas prices on the rise once again
CHATTANOOGA, Tenn.
Gas prices are edging upwards once again, with recent figures illustrating a 0.11 cents per gallon increase within the past week. This sees the average gallon costs approximating at $3.01 in Chattanooga today. Interestingly, while the prices have seen a minor surge recently, they remain about $0.17 lower than a month ago and over $0.40 lower than this time the previous year.
National Figures
It’s worth noting that these shifts don’t necessarily reflect the status at the national level. The national average has actually fallen slightly – dropping roughly by 2 cents with the current average standing at $3.76/g. Notably, these figures reflect averages and therefore encompass a range of prices from different gasoline stations across the country.
Prices Across Different Stations
When zooming into the local level, the cheapest station price within Chattanooga was recorded at $2.73/g, whereas the most expensive station was just under $3.50/g.
Neighboring Areas
Nearby regions have also seen their fair share of price fluctuations, creating a diverse range of prices for motorists:
- Knoxville recorded a slight dip with the average price standing at $2.95/g, down 0.7 cents per gallon from the past week’s $2.96/g.
- The wider Tennessee region saw its average rise slightly to $3.06/g, up 3.4 cents per gallon from last week’s $3.02/g.
- Huntsville experienced a more significant drop with the current price standing at $3.08/g, down 4.4 cents per gallon from the last week’s $3.13/g.
Price Fluctuation Mechanism
What causes these price fluctuations? A multitude of factors are at play. These can include anything from shifts within the global oil market, changes in supply and demand, or variations in state taxes and tariffs. Recent weeks have seen several geopolitical events that have had an impact on the global oil market, which could have indirectly led to these shifts.
Keeping Up-To-Date
As these shifts can have a genuine impact on the regular citizen’s commuting costs, it’s no surprise that many are keen to keep track of the latest trends in gas prices. Various online resources provide constant updates, graphs and historical data of prices across the U.S. and Canada, allowing drivers to keep up-to-date and plan their refueling accordingly.