Chattanooga gas prices fell another 6.2 cents a gallon last week to an average of $2.17 a gallon for regular gas - the lowest price in four months, according to GasBuddy's daily survey of 170 stations.
Gas prices in Chattanooga have declined 23 cents a gallon in the past month as global oil prices have declined and are now nearly 41 cents a gallon below where they were a year ago.
Chattanooga gas prices average 50 cents a gallon less than the U.S. average even with gas declining across the country last week, GasBuddy.com surveys indicate.
"For the sixth straight week, gasoline prices have declined nationally, a feat not often seen heading into the prime of summer driving season," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "It was a perfect week with every state seeing average gas prices decline versus last Sunday as stations continued to pass along the lower replacement cost as oil prices remain under considerable selling pressure, even after last week's attack on two oil tankers which caused not much more than the oil market to blink."
Despite concerns over the attacks of tankers near the Strait of Hormuz last week, DeHaan said gas prices are likely to decline still further this week "barring any curve balls."
State gas tax rates are going up in California, Illinois, Ohio and South Carolina on July 1. But DeHaan said the July 4th travel week should still have fuel prices considerably below a year ago.
"Not only can we celebrate the holiday with fireworks, but celebrate the falling prices heading into it," he said. "Not a bad summer to be hitting the road as Americans are spending nearly $100 million less every day on gasoline than a year ago."
Gas is cheapest today in Southeast Tennessee at AmeriTrust Financial and Fuel in Cleveland, where regular gas is selling at $2.06 a gallon, and at BP and Mapco stations in East Ridge where gas is priced at $2.07 per gallon, according to GasBuddy.com.