No change in gas prices last week, but cheaper gas ahead

CHATTANOOGA (WDEF) – Gas prices took a holiday during Thanksgiving week in our area, remaining flat.

The average price of a gallon of gas in Chattanooga remained at $1.85 for the week.

The big gas news this week comes from OPEC, which is trying to limit production and raise prices.

But Russia has already signaled they will not go along, which probably scuttles the attempt.

Otherwise, expect prices to begin dropping again as the year ends.

“Early last week WTI crude had climbed above $48 (per barrel) but was unable to hold on and in late trading Friday had slipped below $46,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “And that probably ties directly to doubts about Iraq, Iran and the likelihood that Russia, the largest non-OPEC oil exporter, will agree only to a freeze and not a production cut of its own, which OPEC says is essential for the cartel to implement its plan to cut back by 1 million barrels per day.

Consequently, this week’s highly anticipated meeting among OPEC members Wednesday in Vienna could be anticlimactic and fortuitous for U.S. consumers if no agreement is reached.

“Prices at the pump generally fall in December,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“In the last four years we’ve seen the U.S. average price of gas increase just once in December. In December 2013 the national average ended the month 5 cents higher than when it started. And it’s also fallen precipitously… In December 2014 the national average plummeted 51 cents per gallon, from $2.75 to $2.24. Over the past four years the average decline from Dec. 1 to Dec. 31 has been 15 cents per gallon and I’d have to think most of us would be pretty happy with that,” Laskoski added.

The cheapest gas in Chattanooga right now is $1.73 at the Citgo at Highway 153 & Carmack Road.

The cheapest gas in Cleveland is $1.77 at the Exxon (Blackburn Rd & APD 40) and Murphy USA (Treasury Drive & Dalton Pike).

Athens’ cheapest gallon is $1.79 at the Conoco at Decatur Pike near Dupitt.

In Dalton, the cheapest price is $1.89 at the BP on E. Walnut Ave. and Riverbend Road

Categories: Business, Chattanooga, Cleveland, Consumer News, Dalton, Local News, McMinn County

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