Tuesday, May 21, 2024
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Gas prices still falling

by Minden Press-Herald

Price at pump down 1.6 cents

Gasoline prices in Louisiana have fallen 1.6 cents per gallon in the past week, averaging $2.56/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that is unchanged versus last week to $2.84/g, according to GasBuddy.

“Going into the July 4 holiday, I can’t remember the last time oil markets were so active. Oil has surged over 10% just in time for summer’s busiest travel holiday, costing motorists over $1 billion more than last year,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Average gasoline prices on July 2 in Louisiana have ranged widely over the last five years:

$2.03/g in 2017, $2.06/g in 2016, $2.54/g in 2015, $3.48/g in 2014 and $3.28/g in 2013.

Including the change locally during the past week, prices yesterday were 53.0 cents per gallon higher than a year ago and are 9.2 cents per gallon lower than a month ago. The national average has dropped 10.7 cents per gallon during the last month and stands 62.5 cents per gallon higher than a year ago.

Areas near Louisiana and their current gas price climate:

Baton Rouge- $2.49/g, down 1.2 cents per gallon from last week’s $2.50/g.

Jackson- $2.47/g, down 2.2 cents per gallon from last week’s $2.49/g.

New Orleans- $2.47/g, down 2.2 cents per gallon from last week’s $2.50/g.

“All the ingredients exist for the national average to inch closer to $3 per gallon, just in time for the second half of the summer,” DeHaan said.

“Undoubtedly, the second half of the summer will be pricier than the first, thanks to OPEC’s production increase falling short of expectations, sanctions to be placed back on Iran by November and falling U.S. oil inventories. And to rub some salt in the wound, hurricane season is still upon us, adding more guess work to where gas prices might spend the second half of the summer. Make no mistake, it won’t be pretty, not nearly as “pretty” as the first half of the summer. Be ready for volatility and likely higher prices at the pump in July and August. “

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