Gas Prices Continue Their Historic Drop

Prices at the pump dropped another 5-6 cents in the southeast.

That makes is more than 20 cents in the last month.

GasBuddy.com reports the price fell 6.4 cents in Chattanooga last week, hitting $2.18 on Sunday.

Average retail gasoline prices in Chattanooga have fallen 6.4 cents per gallon in the past week, averaging $2.18/g yesterday, according to GasBuddy’s daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 5.4 cents per gallon in the last week to $2.60/g, according to gasoline price website GasBuddy.com.

"Gas prices are falling with very little resistance," said Mark Jenkins, spokesman, AAA – The Auto Club Group. "Oil prices are forecast to remain at this level through the rest of the year. If that happens, and there are no supply issues, markets could see $2 gasoline again this fall.

Here is the breakdown by state, according to AAA’s Fuel Gauge Report:

Georgia: The current average price of $2.45 is the lowest since April 29; 5 cents lower than a week ago, 21 cents less than a month ago, and 91 cents cheaper than a year ago. Gas prices have fallen 49 of the last 55 days.

Tennessee: The current average price of $2.32 is the lowest since April 27; 5 cents lower than a week ago, 20 cents less than a month ago, and 92 cents cheaper than a year ago. Gas prices have fallen 50 of the last 53 days.