Local gas prices rose 5 cents last week

(MGN)

CHATTANOOGA, Tenn. — Average gasoline prices in Chattanooga have risen 5.0 cents per gallon in the last week, averaging $3.27/g today, according to GasBuddy’s survey of 170 stations in Chattanooga.

They say prices in Chattanooga are 17.0 cents per gallon lower than a month ago and stand 72.8 cents per gallon higher than a year ago.

The national average price of gasoline has fallen 6.8 cents per gallon in the last week, averaging $3.71/g today. The national average is down 41.3 cents per gallon from a month ago and stands 62.7 cents per gallon higher than a year ago, according to GasBuddy.

“Average gasoline prices fell in nearly every state over the last week, with diesel declining in all 50, pushing the national average to approximately $3.74 per gallon this July 4 — the third most expensive Independence Day on record, but well off the peak of $4.57 per gallon seen in May,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “GasBuddy is now tracking 41 states with average gasoline prices below $4 per gallon, while 37 states are seeing average diesel prices below $5. However, continued Ukrainian attacks on Russian refinery infrastructure have forced Russia to shift from fuel exporter to importer, tightening global supplies and putting upward pressure on crack spreads — explaining why pump prices haven’t fallen as sharply as oil prices might suggest. Until the refining supply picture improves, significant further drops at the pump may be limited.”