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Gasoline prices keep rising

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Average retail gasoline prices in Louisiana have risen 1.5 cents per gallon in the past week, averaging $2.49/g yesterday, according to GasBuddy’s daily survey of 2,436 gas outlets in Louisiana. This compares with the national average that has increased 3.4 cents per gallon in the last week to $2.75/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Louisiana during the past week, prices yesterday were 31.9 cents per gallon higher than the same day one year ago and are 11.0 cents per gallon higher than a month ago. The national average has increased 15.5 cents per gallon during the last month and stands 33.5 cents per gallon higher than this day one year ago.

“Gas price increases gripped 49 of the nation’s 50 states again last week as oil prices continued their upward move to new multi-year highs,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

In addition, government data highlighted a new record for gasoline demand was breached last week, and we’re not even into the summer driving season yet. The road head at the pump looks quite ominous if that demand number proves common in the coming weeks.”

Areas near Louisiana and their current gas price climate:

Baton Rouge- $2.46/g, up 6.3 cents per gallon from last week’s $2.40/g.
Jackson- $2.50/g, up 3.9 cents per gallon from last week’s $2.46/g.
New Orleans- $2.47/g, up 2.8 cents per gallon from last week’s $2.44/g.

“With President Trump’s tweet last week targeting the price of oil, there may be additional scrutiny on oil prices in the coming weeks that bears monitoring,” DeHaan said.

“OPEC has been remarkably successful in better aligning supply to demand, draining the crude oil glut, and pushing oil prices to their highest since 2014. While refinery maintenance and the change to summer gasoline largely complete, oil prices remain one of the largest active drivers of gas prices now and likely in the weeks ahead. All signs point to some additional upward movement before prices peak and perhaps drop slightly around Memorial Day into the month of June- all certainly very contingent and subject to any changes from OPEC.”

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