Average retail gasoline prices in Chattanooga have fallen 6.3 cents per gallon in the past week, averaging $2.24/g yesterday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has fallen 5.5 cents per gallon in the last week to $2.65/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Chattanooga during the past week, prices yesterday were 89.7 cents per gallon lower than the same day one year ago and are 19.9 cents per gallon lower than a month ago.
The national average has decreased 11.6 cents per gallon during the last month and stands 84.5 cents per gallon lower than this day one year ago.
"Prices in 47 out of 50 states declined for both gasoline and diesel in the last week, bringing the national average for a gallon of gasoline to its lowest summer price since 2009, while diesel fuel sees its lowest outright price since October 2010," said Patrick DeHaan, GasBuddy senior petroleum analyst. "While 84% of stations in the U.S. were selling gasoline at over $2.50/gal a month ago, today that number has dropped to 54%. A sharp drop in the price of crude oil over the last several weeks has resulted in big declines at the gas pump. A barrel of West Texas Intermediate crude oil has lost some $10 in value since early June at the hands of economic concerns in China and the prospects of Iranian crude adding to the global glut of oil as demand begins to fall ahead of the cooler months."