Gas prices rally in spite of crumbling demand

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Louisiana gas prices have risen 0.7 cents per gallon in the past week, averaging $1.84/g today, according to GasBuddy’s daily survey of 2,436 stations. Gas prices in Louisiana are 3.9 cents per gallon higher than a month ago and stand 39.7 cents per gallon lower than a year ago. According to GasBuddy price reports, the cheapest station in Louisiana is priced at $1.59/g today while the most expensive is $2.89/g, a difference of $1.30/g.

“With oil’s rally to a new COVID-19 high-water mark, gas prices have begun to follow, even as gasoline demand crumbles to some of the lowest levels in months,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

The national average price of gasoline has risen 3.5 cents per gallon in the last week, averaging $2.16/g today. The national average is up 5.7 cents per gallon from a month ago and stands 42.6 cents per gallon lower than a year ago.

“Optimism continues to propel oil markets higher, led by positive news on a COVID-19 vaccine, but should anything change timing wise, we could see a reversal, but for now it remains full steam ahead with markets focused on the promise of oil and gasoline demand rising, or the best potential outcome of the situation. Should the hype be overblown, a correction could happen in the weeks or months ahead. For now, motorists may see more volatility in oil markets then we’ve seen in months,” said Patrick De Haan.

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA’s once daily survey covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas stations, GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country.

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