Gas prices in Chattanooga drop another 10 cents per gallon last week

The pain at the pump for motorists shopping for gasoline continued to ease in Chattanooga on Monday, with gasoline prices falling 10.3 cents per gallon over the past week and more than 31 cents per gallon from record highs reached a month ago, according to GasBuddy’s survey of 170 stations. in Chattanooga.

The average regular gas price in Chattanooga fell to $3.79 a gallon on Monday and Gasbuddy oil analyst Patrick De Haan said it could fall even further this week.

“Gasoline prices have continued to trend in the right direction – down – saving Americans about $100 million every day compared to when prices peaked about a month ago.” , De Haan said in a report on Monday. “And more good news is on the horizon: the national average this week will likely fall back below the critical $4 a gallon mark.”

Gasoline prices in Chattanooga are still up $1.19 a gallon from a year ago and remain the highest in more than a decade for this time of year. But Gasbuddy surveys show gas prices in Chattanooga are on average 31 cents lower than the average US price of $4.10 a gallon, which fell 75 cents a gallon last week.

The cheapest gasoline on Monday in Chattanooga was at Sam’s Club on Lee Highway, where regular gasoline was priced at $3.42 a gallon.

Motorists lined up at the Brainerd gas station Monday to take advantage of what said was one of the lowest gas prices in Tennessee.

“I go back and forth across town almost every day and try to come here when I can to get a little cheaper price,” Harrison resident Jessica Parson said Monday as she was filling up his GMC Acadia SUV at Sam’s Club on Autoroute Lee. “We need to get where we need to go, but we’ve definitely changed some of our plans to try and condense our travels whenever we can.”

Dalton, Georgia resident Glenn Fitton, who also benefits from cheaper Sam’s Club gasoline, said he was happy to see prices come down over the past month. But he said with gas prices up 45% from a year ago, he may be traveling less this summer.

“We love going to Savannah and St. Simons Island, but we don’t travel as much now,” he said.

De Haan said it looks like gas prices are at their 2022 peak, “barring the typical caveats like Russia’s war on Ukraine, the economy, hurricane season and COVID don’t not take drastic and unexpected turns”.

“Diesel prices are also down and should return below the $5 a gallon average this week,” DeHaan said. “The situation, for now, continues to show signs of improvement.”

Oil prices retreated on expectations of weaker demand after peaking above $130 a barrel last month on concerns over disrupted supplies from Russia, the world’s second-largest exporter. . Last month, President Joe Biden also ordered the release of 1 million barrels of oil per day from the country’s Strategic Petroleum Reserve for six months,

In energy markets, benchmark U.S. crude fell $2.32 to $95.94 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.23 to $98.26 on Friday. Brent crude, used as a price base for international oils, fell $2.22 to $100.56 a barrel in London. It rose $2.20 the previous session to $102.78 a barrel.

The Associated Press contributed to this report.

Contact Dave Flessner at [email protected] or 423-757-6340. Follow him on Twitter @dflessner1.

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