Gas prices continue to tumble

Shreveport gas prices have fallen 3.8 cents per gallon in the past week, averaging $1.70/g today, according to GasBuddy’s daily survey of 177 stations. Gas prices in Shreveport are 34.0 cents per gallon lower than a month ago and stand 70.2 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Shreveport is priced at $1.44/g today while the most expensive is $2.29/g, a difference of 85.0 cents per gallon. The lowest price in the state today is $1.26/g while the highest is $2.96/g, a difference of $1.70/g.

The national average price of gasoline has fallen 5.7 cents per gallon in the last week, averaging $1.91/g today. The national average is down 48.0 cents per gallon from a month ago and stands 84.3 cents per gallon lower than a year ago.

Neighboring areas and their current gas prices:
Little Rock- $1.52/g, down 13.2 cents per gallon from last week’s $1.65/g.
Dallas- $1.51/g, down 9.5 cents per gallon from last week’s $1.61/g.
Louisiana- $1.77/g, down 5.3 cents per gallon from last week’s $1.82/g.

“The national average continues to fall as every state has seen yet another decline in average gas prices over the last week as overall oil demand remains constrained due to COVID-19,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “The decline has been most significant thus far in the Great Lakes, due to the region being landlocked and challenging to ship gasoline out of, prices have been depressed significantly, driving these states to some of the lowest prices in the country. In fact, Wisconsin yesterday saw its lowest state average for gasoline in nearly 6,300 days- they haven’t been lower since 2003. For those not in the Great Lakes, there’s still good news: average prices will continue to play catch up for the next few weeks or longer. Do keep an eye on this week’s potential meeting between major oil producers Russia and Saudi Arabia, however. On hopes of a production cut, oil rallied nearly $7 per barrel last week, but tomorrow’s meeting was postponed. If there is an oil production cut, it may establish a floor to oil prices, but motorists need not worry- if there is a cut, it is highly unlikely to cause a surge in gas prices, as retail prices have not come close to matching the declines in wholesale prices to this point.”