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Gasoline prices holding steady

Gasoline prices in Louisiana are unchanged  in the past week, averaging $1.98/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana.

This compares with the national average that has fallen 0.8 cents per gallon versus last week to $2.25/g, according to GasBuddy.

“While oil prices have risen to their highest in months on the instability in Venezuela’s political situation, gasoline demand has remained weak and supply strong, thus keeping increases firmly in check,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Including the change locally during the past week, prices Sunday were 42.8 cents per gallon lower than a year ago and are 4.6 cents per gallon higher than a month ago. The national average has increased 1.1 cents per gallon during the last month and stands 34.6 cents per gallon lower than a year ago.

Regional markets and their current gas price climate:

Baton Rouge- $1.95/g, up 1.5 cents per gallon from last week’s $1.93/g.

Jackson- $1.89/g, down 1.7 cents per gallon from last week’s $1.90/g.

New Orleans- $1.94/g, unchanged  from last week’s $1.93/g.

 “As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, but once the transition begins, the supply overhang will be drawn down in short order as refiners liquidate winter gasoline, ushering in eventually higher prices come late-February and early March,” DeHaan said.