Home Uncategorized Gasoline prices jump 4.7 cents

Gasoline prices jump 4.7 cents

Gasoline prices in Louisiana have risen 4.7 cents per gallon in the past week, averaging $2.02/g Sunday, according to GasBuddy’s daily survey of 2,436 stations in Louisiana. This compares with the national average that has increased 3.0 cents per gallon versus last week to $2.31/g, according to GasBuddy.

Average gasoline prices on February 18 in Louisiana have ranged widely over the last five years:

$2.33/g in 2018, $2.10/g in 2017, $1.54/g in 2016, $2.10/g in 2015 and $3.16/g in 2014. 

“Gas prices have advanced to their highest level in nearly two months mainly following as oil prices move higher. Gasoline demand remains seasonally weak, but last week’s report from the Energy Information Administration showed refinery utilization plunging, meaning less gasoline is flowing out of refiners,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

Including the change locally during the past week, prices yesterday were 30.6 cents per gallon lower than a year ago and are 5.5 cents per gallon higher than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 19.6 cents per gallon lower than a year ago.

Regional areas and their current gas price climate:

Baton Rouge- $2.00/g, up 6.8 cents per gallon from last week’s $1.94/g.

Jackson, Miss. – $1.96/g, up 3.6 cents per gallon from last week’s $1.92/g.

New Orleans- $2.00/g, up 5.1 cents per gallon from last week’s $1.95/g.

“In addition, bullish data and optimism on a U.S.-China trade deal helped propel markets last week, as well as turmoil in Venezuela making a strong case for an larger absence of heavy crudes the market depends on,” DeHaan said.

“But while gas prices are nearly guaranteed to be higher in May than today, it is looking more likely that the rise in prices this year may be more muted than we’ve seen in years past when prices launched 35-75 cents during the spring.”