Gas Prices Increase Fifty Cents since Last Month

CHATTANOOGA, Tenn. (WDEF) – Gas prices have been steadily rising since the beginning of the New Year.

According to a report by GasBuddy, prices have risen 26.1 cents per gallon in the past week, which is 53.4 cents higher than what was seen only a month ago.

This drastic rise has many speculating about what exactly is causing gas prices to go up. One local gas station owner believes that the uptick in travel post-covid can be to blame.

“You would think after Christmas it would go down. You would think with demand would be lower, but I don’t think demand is lower. I think people are so excited about being able to go places now,” Steven Ray, owner of Midnite Oil in Ooltewah said.

“It’s a supply side thing, and when people are going to go, the oil companies are going to take advantage of that. So that’s why it’s going up. I guess the easy answer is because they can.”

Ray also believes that with the current pricing trends, we could see gas easily rise above four dollars per gallon during the summer when travel is at its peak.

In terms of when we can see prices drop, there is no expected timeline. However, there are things the everyday consumer can do to cut down on gas costs. Ray said that carpooling and cutting down on driving time and frequency might influence the prices to lower over time.

Categories: Chattanooga, Featured, Local News