Gas prices dropping, but 2018 forecast not so cheap

CHATTANOOGA (WDEF) – Gas prices fell in Chattanooga by 1.6 cents a gallon last week.

The average price now is $2.14.

But you can find much cheaper prices in Hixson.

The ten lowest prices in Tennessee are all in the Hixson, Red Bank and Soddy Daisy areas, eight of them under the $2 mark.

The cheapest gas is $1.96 at the Exxon at Highway 153 and Gadd Road.

But 2018 could soon bring us higher prices.

“With OPEC deciding last week to extend last year’s agreement on oil production cuts, the future for gasoline prices isn’t as rosy,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC’s extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017’s yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it’s likely that prices may again rise approaching the New Year as oil prices continue to show strength.”

Categories: Consumer News, Local News

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