Gasoline price decline ongoing

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Gasoline prices in Louisiana have fallen 5.9 cents per gallon in the past week, averaging $2.08/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that has fallen 2.7 cents per gallon versus last week to $2.41/g, according to GasBuddy.

“Average gas prices have continued to move lower in most states in the last week as retail prices continue to catch up to the low price of oil. 27 states boast a low price of $2 per gallon or less, and Missouri’s statewide average will likely fall under $2 per gallon this week, representing the first state to cross the psychological barrier,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Including the change locally during the past week, prices yesterday were 16.5 cents per gallon lower than a year ago and are 33.4 cents per gallon lower than a month ago. The national average has dropped 28.0 cents per gallon during the last month and stands 3.8 cents per gallon lower than a year ago.

“While the going has been good at most gas pumps, OPEC countries did agree to curb oil production, but the cut was smaller than we had expected, and for a shorter duration than anticipated, resulting in a small upward move in oil, one that may not immediately curb the declines,” DeHaan said.

“We appear poised to see the national average drop perhaps at least one more week- and we could close this week with the nation’s average in the $2.30s- the lowest in over a year.”

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