Gasoline price tumble continues another week

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Gasoline prices in Louisiana have fallen 4.7 cents per gallon in the past week, averaging $2.04/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that has fallen 5.7 cents per gallon versus last week to $2.36/g, according to GasBuddy.

“For the tenth straight week, gas prices have been in a state of decline, falling to the lowest level since prior to Hurricane Harvey in 2017 to the mid $2.30s with now 31 states with at least one gas station selling gasoline under $2 per gallon, saving motorists hundreds of millions of dollars versus prices just two months ago,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Average gasoline prices on December 17 in Louisiana have ranged widely over the last five years:

$2.19/g in 2017, $2.05/g in 2016, $1.80/g in 2015, $2.32/g in 2014 and $3.05/g in 2013. 

Including the change locally during the past week, prices Sunday were 14.9 cents per gallon lower than a year ago and are 27.2 cents per gallon lower than a month ago. The national average has dropped 26.1 cents per gallon during the last month and stands 5.7 cents per gallon lower than a year ago.

 “Oil prices have been slow to react to a cut in oil production from OPEC, instead focusing on economic concerns and trade tensions with China,” DeHaan said. “Thus far, it seems that it “may take a village” to help oil prices recover, help that would include robust demand from the U.S., which seems to be anything but the case. For now, prices will remain seasonally challenged, tied to the fact or expected fate of the economy moving forward.”

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