Chattanooga Maintains Record High Gas Prices
Impact of Oil Inflation May Hit Supermarket
CHATTANOOGA, Tenn. — The war in Ukraine is keeping Chattanooga gas prices at an all-time high.
Here at the Raceway on Broad Street, for example, gas is currently $4.29 a gallon. Only two days ago, it was less than four dollars.
“We will continue to see those increases in our local gas stations, here in Tennessee, at least for the next couple of days,” said Megan Cooper, a representative from AAA.
Despite the increasing cost of transportation, the Chattanooga Tourism Company does not expect tourism to be negatively impacted.
“Historically, what we’ve seen is it really does not have a significant effect on our tourism economy,” said Barry White, President and CEO of the Chattanooga Tourism Company.
One sector that may be affected, however, is food.
“Oil is used in a lot of stuff, a lot of production, such that we are going to see the effects of that in the super markets,” said Leanora Brown, PhD., Associate Professor of Economics at UTC.
American sanctions are continuing to drive the price of gas up, but according to Dr. Brown, the effect on the Russian Economy will be far more severe.
“I cannot imagine what it will be like for the Russian Economy. It’s going to have a far-reaching effect on them, and I can see their economy tanking really low for the next couple of decades to come,” she said.
Gas Prices are continuing to rise here at home, but the Russian economy could be devastated for years to come.