Dec. 10–The average price of gasoline in Chattanooga fell below $2 a gallon last week for the first time this year as cheaper global oil prices continued to push prices down at the pump.
Gasoline prices in Chattanooga fell an average of 7.6 cents per in the past week, dropping to $1.97 a gallon on Sunday, according to GasBuddy’s daily survey of 170 stations in Chattanooga. Fuel prices have plunged by 41.5 cents per gallon in the past month and are now at their lowest average level in Chattanooga since the summer of 2017, GasBuddy.com figures show.
The three cheapest gas stations for regular gas anywhere in Tennessee, Georgia or Alabama today are in Hamilton County. The cheapest gas is in Ooltewah at the Mapco station on Lee Highway, where regular gas is priced at $1.82 per gallon. Mapco and BP stations in Red Bank are selling regular gas today at $1.83 a gallon.
Nationwide, the average price of regular gas dropped by 2.7 cents per gallon in the past week to $2.41 per gallon. Tennessee is among 27 states with gas priced below $2 a gallon.
“Average gas prices have continued to move lower in most states in the last week as retail prices continue to catch up to the low price of oil,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While the going has been good at most gas pumps, OPEC countries did agree to curb oil production, but the cut was smaller than we had expected, and for a shorter duration than anticipated, resulting in a small upward move in oil, one that may not immediately curb the declines. We appear poised to see the national average drop perhaps at least one more week.”
A separate survey by AAA Auto Club South said average gas prices in Tennessee have declined for 59 consecutive days, dropping by 52 cents per gallon from where they were in late October.
“Gas prices in Tennessee could drop another 5-8 cents this week, but should level off soon,” Mark Jenkins, spokesman, AAA — The Auto Club Group, said in a report today. “Pump prices are close to catching up with the recent crude price plunge. However, oil prices are beginning to increase, after OPEC announced a production cut agreement on Friday. Regardless, drivers should continue to enjoy low gas prices through the end of the year, unless oil prices suddenly spike.”
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