Gas prices leveling off in Chattanooga area

CHATTANOOGA (WDEF) – The gas price hike over the last few weeks has leveled off in our area, according to the survey.

Last week, prices here were flat, while the national rate climbed another 3.1 cents.

Prices stalled here just below the $2.00 mark at $1.99 on average.

Knoxville, Nashville, Huntsville and Atlanta all have hit the $2 mark or higher.

“With West Texas Intermediate crude oil holding over $50 per barrel for the last several weeks, gasoline prices have moved higher in a majority of the country,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Some 39 states saw average gasoline prices rise last week, and this week may see a similar fate at the pump as retail gasoline prices continue to play a game of catch up to the three week rally in oil prices.”

“Meanwhile, it was just a year ago when the national average gas price fell under $2 per gallon for the first time since 2009, a feat unlikely to be repeated anytime soon, thanks to November’s crude oil production cuts from OPEC, joined by production cuts from non-OPEC countries shortly thereafter. In fact, we’re on par to see the largest December increase in gasoline prices nationally since 2010 due to the uptick in oil prices. However, those looking for respite from rising gas prices will be happy to know that prices will likely fall, at least temporarily, starting in mid-January through Valentine’s Day as refiners begin discounting excess inventories of winter-grade fuel,” DeHaan added.

The lowest prices in Chattanooga right now are in the I-75/East Brainerd Road area.

The BP at E. Brainerd Road at the interstate has $1.84.

The Sam’s Club on Brainerd Road and Citgo at East Brainerd & Gunbarrel have $1.86 a gallon.

Categories: Chattanooga, Consumer News, Local News

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