Chattanooga Gas Prices Soar as Oil Markets Feel Pinch

Gas prices in Chattanooga have seen a significant increase over the last week, according to data from GasBuddy. The average price per gallon rose by 17.2 cents, bringing it up to $3.52/g today.

This marks a change of 6.5 cents per gallon compared to a month ago and leaves prices 91.7 cents per gallon higher than they were at this time last year.

The national average price of gasoline has also seen an increase, rising by 7.7 cents per gallon in the last week to $4.02/g today.

National prices are up 3.6 cents per gallon from a month ago and stand 93.1 cents per gallon higher than they were at this time last year.

Patrick De Haan, head of petroleum analysis at GasBuddy, attributes the increase to rebounding oil prices driven by the closure of the Strait of Hormuz and ongoing Ukrainian attacks on Russian oil refineries.