Gas price decline continues

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Staff Report
Minden Press-Herald

Gasoline prices in Louisiana have fallen 7.2 cents per gallon in the past week, averaging $2.48/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that has fallen 7.0 cents per gallon versus last week to $2.73/g, according to GasBuddy.

Including the change locally during the past week, prices Sunday were 21.9 cents per gallon higher than a year ago and are 18.7 cents per gallon lower than a month ago. The national average has dropped 17.7 cents per gallon during the last month and stands 20.9 cents per gallon higher than a year ago.

“Motorists have just enjoyed the largest one week decline in average gas prices in 2018 with the national average falling to its lowest level since April,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Regional markets their current gas price climate:

Baton Rouge- $2.41/g, down 6.3 cents per gallon from last week’s $2.47/g.

Jackson- $2.47/g, down 4.0 cents per gallon from last week’s $2.51/g.

New Orleans- $2.42/g, down 6.2 cents per gallon from last week’s $2.48/g.

“Oil markets have been weak as refinery maintenance season has slowed down crude oil inputs, leading to oil inventories that have risen noticeably,” DeHaan said.

“In addition, jitters over the economy and stock market have helped to push values down. But beware- any politician taking credit ahead of the elections is absolutely pulling your leg. We should see prices move lower yet again- but this behavior is par for the course every autumn. In addition, sanctions on Iran were reimposed yesterday, but while some countries that import oil from Iran have waivers, those waivers may be temporary- so the drop at the pump may not continue indefinitely.”

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