An unusual sign of summer: gas prices are falling

CHATTANOOGA (WDEF) – This isn’t supposed to be happening this time of year.

But gas prices are falling… a lot!

Usually prices spike at Memorial Day and then continue to climb during summer vacation driving season.

But this year, they are headed down instead.

GasBuddy reports that prices dropped another 8.1 cents per gallon last week.

The average price here is now down to $2.24.

And when we usually see them heading up, prices have now dropped almost 20 cents over the last month.

The cheapest gas now in Chattanooga is $2.11.

“Last week saw a feat most motorists probably thought they’d never see in June- average gasoline prices declined in nearly every state across the country with the national average now at its lowest point since early April. The fall has come amidst a deep drop in oil prices set in to play on worries that tariffs could slow economic growth, reducing oil demand,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

But will it last all summer?

“The decline at the pump is likely to continue but may slow down in a few couple weeks as President Trump made a deal with Mexico over the weekend to avoid tariffs. With gasoline inventories also growing in most areas of the country, the transition to summer gasoline complete, motorists will continue to see prices moving lower as the summer driving season gets underway. We’re likely to see more good news at the pump than bad for the foreseeable future.”