Gas Prices Take A Big Jump in Chattanooga to Highest of the Year
Prices rose by almost 18 cents a gallon in Chattanooga last week, according to the Gas Buddy survey.
The price hit $2.21 in our area on Sunday.
Nationally, prices jumped by six and a half cents.
The blame goes to rising oil prices on the market and new Middle East tensions as battle rages in the oil fields.
"Oil prices saw notable gains last week, rising to new 2015 highs" says Patrick DeHaan, GasBuddy senior petroleum analyst.
"I would lay blame for these increases on over-sensitive traders, who bid oil prices higher last week after oil inventories rose at their smallest amount since January. Also entering the equation is that U.S. domestic oil output fell last week, perhaps a harbinger of what’s to come," DeHaan said.
But Triple-A’s gas expert also factors in the coming summer season.
"The average price at the pump typically reflects a bit of seasonality this time of year," said Mark Jenkins, spokesman, AAA – The Auto Club Group.
"It is not uncommon for prices to inch higher leading up to the summer driving season and the transition to more expensive summer-blend fuel. However, record high domestic oil production is likely to deliver the cheapest summer gas prices in a decade."
"It could take a full week before the full impact of higher oil prices hit the gas pump, and gas prices could rise 5-10 cents as a result," Jenkins said. "The good news is that oil began to fall again by the end of last week. Looking long term, gas prices could still fall in time for the busy summer travel season."