Up, Up, Up: Gas Prices Still on the Rise
CHATTANOOGA, Tenn. (WDEF) — Chattanooga gas prices are still on the rise. The average gas price in Chattanooga has jumped 26 cents per gallon in the last week, according to a report from GasBuddy.
As of Monday, average Chattanooga gas prices sit at $3.13 per gallon. GasBuddy reveals that this number has risen 53 cents in just a month.
Chattanooga gas prices are nearly 19 cents per gallon higher than they were this time last year.
For this date (January 23) in past years, Chattanooga gas prices are the highest they have been since 2013, according to GasBuddy.
“Gasoline prices continued their upward trajectory last week as oil prices pulled them higher across the majority of the country, and continued refinery challenges kept supply of gasoline from rising more substantially,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
“Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new Covid cases. In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up. Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating,” he said.