Chattanooga gas prices holding under $2
CHATTANOOGA (WDEF) – The downward spiral of gas prices this spring may be slowly coming to an end.
Nationally, prices fell less than a penny last week, and here in Chattanooga prices remained flat.
Of course, prices traditionally climb steeply in the spring through the summer, so we should be happy with this year’s trend.
“Remarkably, for a third straight week, average gasoline prices have declined. In fact, for just the first time since 2009, average gasoline prices today stand cheaper than on February 15th- traditionally the day of the lowest gasoline prices of the season,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.
According to GasBuddy.com’s weekly survey, the average price in Chattanooga remains at $1.98.
And prices have dropped more than a nickel in the last month.
“This feat has been accomplished for several reasons. First, weak gasoline demand which has kept inventories of winter gasoline far more than adequate. Second, there have been few large scale unexpected refinery outages, and third, crude oil inventories and rising U.S. production have kept oil prices under pressure over the last month. All three of these factors are actively at play and will continue to keep pressure on prices from spiking.”
But there’s a catch.
“More alarming, however, is that while gasoline prices have drifted lower, the gas price spread between stations has been rising, and stands 5% higher nationally versus last year. So while motorists may be feeling less pressure with stable gas prices, that false sense of security may be getting in the way of finding a gas station selling at a far lower price. As always, motorists should be shopping around to be aware of lower priced offerings,” DeHaan added.
The cheapest gas in our area right now is on Brainerd Road… $1.86 at the Sam’s Club, $1.89 at the BP, Delta Express & Hi-Tech.