Is Gas Too Cheap? Another Big Drop at the Pump This Week

CHATTANOOGA (WDEF) GasBuddy.com reports that prices dropped another 4.7 cents a gallon last week in the Chattanooga area to $1.61.

The national average dropped even more, 6.5 cents ($1.90 avg)

Chattanooga continues to boast some of the cheapest prices in the south.

Here are some of our neighbors’ averages:

Knoxville- $1.66/g, down 2.9 cents.
Tennessee- $1.67/g, down 4.7 cents.
Huntsville- $1.68/g, down 5.8 cents.

"The continued and unprecedented plunge in the price of crude oil has continued, allowing gasoline prices in virtually the entire U.S. to continue plummeting," said Patrick DeHaan, GasBuddy senior petroleum analyst. "From West Coast to East Coast, the decline has hit virtually everyone… the downward trend taking place across the country will continue, with the national average likely to fall into the $1.70’s soon as motorists continue to enjoy falling fuel prices," DeHaan said.

But also last week, part of the Wall Street plunge was blamed on the collapse of gas prices & investments in the U.S.

And this week, Iran plans to increase oil production by 500,000 barrels per day now that sanctions have been lifted in the nuclear deal.

CHATTANOOGA (WDEF) We also are seeing prices drop into the $1.40s around the area.

Here are the low prices on GasBuddy.com today.

Chattanooga

$1.46 Murphy USA Brainerd Rd
$1.46 Speedway Lee Highway
$1.46 Murphy Express Lee Hwy
$1.46 Citgo Lee Hwy
$1.46 Speedway

Ringgold

$1.46 Costco

Athens

$1.48 Murphy USA Decatur Pike/US 11
$1.48 Speedway Decatur Pike/I-75