Gas prices jump nearly 3 cents

Oil prices remain elevated

Average retail gasoline prices in Louisiana have risen 2.9 cents per gallon in the past week, averaging $2.35/g yesterday, according to GasBuddy’s daily survey of 2,436 gas outlets in Louisiana. This compares with the national average that has not moved in the last week to $2.53/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Louisiana during the past week, prices yesterday were 19.6 cents per gallon higher than the same day one year ago and are 16.3 cents per gallon higher than a month ago. The national average has increased 8.8 cents per gallon during the last month and stands 22.7 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on January 22 in Louisiana have ranged widely over the last five years:

$2.15/g in 2017, $1.65/g in 2016, $1.87/g in 2015, $3.11/g in 2014 and $3.20/g in 2013.
Areas near Louisiana and their current gas price climate:

Baton Rouge- $2.31/g, up 5.0 cents per gallon from last week’s $2.26/g.

Jackson- $2.28/g, up 0.9 cents per gallon from last week’s $2.27/g.

New Orleans- $2.32/g, up 5.7 cents per gallon from last week’s $2.26/g.

“After several weeks of rising gasoline prices, it appears that perhaps the tide has turned and the bigger increases have started to fade,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Oil prices remain near multi-year highs but do show some signs of buckling at least slightly, but for motorists, we have not and may not see sizable relief just yet.”

DeHaan said Great Lakes refinery issues continue to flare up with no warning, and gas prices there may continue to be more volatile in coming weeks. Meanwhile, total U.S. oil inventories stand 127 million barrels lower than a year ago, which has led gas prices to these seasonally high levels.

“What continues to impress is the large spread in prices between stations nearby, even as gas prices remain somewhat low, unsuspecting motorists have seen price differences of 10 to as much as 50 cents per gallon between neighboring stations in some large cities,” he added.

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