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Gas prices jump more than 5 cents during past week

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Gasoline prices in Louisiana have risen 5.3 cents per gallon in the past week, averaging $2.65/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that has increased 2.2 cents per gallon versus last week to $2.91/g, according to GasBuddy.

“The national average gas price has broken out of a well-established rut, climbing above $2.90 per gallon for the first time since mid-June on rising oil prices ahead of the reinstatement of sanctions against Iran and OPEC failing to pump enough oil to meet robust demand,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. Including the change locally during the past week, prices Sunday were 37.4 cents per gallon higher than a year ago and are 6.9 cents per gallon higher than a month ago. The national average has increased 6.0 cents per gallon during the last month and stands 43.7 cents per gallon higher than a year ago.

“We may see prices continue to lift ahead of the mid-terms, however completely unrelated to the elections, but due to constant threats from an improving economy: higher demand and lower supply is tipping the balance of the oil market and pushing prices higher,” Dehaan said.

“We may even soon see $3 per gallon nationally, which would be the first time since October 2014, if oil prices continue to rise. I, along with motorists, will be eagerly awaiting any relief at the pump, but don’t hold your breath- it may get worse before it gets better.”

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