Gas prices continue to plummet

Shreveport gas prices have fallen 13.4 cents per gallon in the past week, averaging $1.90/g Monday, according to GasBuddy’s daily survey of 177 stations. Gas prices in Shreveport are 12.0 cents per gallon lower than a month ago and stand 39.8 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Shreveport is priced at $1.59/g Monday while the most expensive is $2.39/g, a difference of 80.0 cents per gallon. The lowest price in the state today is $1.67/g while the highest is $2.96/g, a difference of $1.29/g. The cheapest price in the entire country today stands at $0.57/g while the most expensive is $4.99/g, a difference of $4.42/g.

The national average price of gasoline has fallen 14.3 cents per gallon in the last week, averaging $2.22/g today. The national average is down 21.2 cents per gallon from a month ago and stands 32.9 cents per gallon lower than a year ago.

Neighboring areas and their current gas prices:
Little Rock- $1.97/g, down 12.0 cents per gallon from last week’s $2.09/g.
Dallas- $1.88/g, down 10.2 cents per gallon from last week’s $1.98/g.
Louisiana- $1.98/g, down 11.3 cents per gallon from last week’s $2.09/g.

“It’s coming true- gas prices are plummeting in every town, city and state with the national average seeing one of its biggest weekly declines in the last decade,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The number of stations selling gasoline under $2/gal has risen to nearly 40,000, up from 15,000 a week ago, while retail prices have collapsed to as low as $1.24/gallon in Oklahoma City last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost. The root cause continues to be coronavirus related, since demand for oil slumped globally, inducing the current price war between Russia and Saudi Arabia as they both raise output, causing oil prices to crash through the floor. Such a large decline at this time of year is mind-blowing, as gas prices have risen in all but one year in the last ten during the spring. All good things may not last forever, however, as rumors swirl that Russia and Saudi Arabia are holding high level talks to reign in the collapse in oil prices, which could eventually end the party at the pump.”