Tuesday, February 20, 2024

Another week, another drop in gas prices

by BIZ Magazine

Shreveport gas prices have fallen 2.5 cents per gallon in the past week, averaging $1.57/g Sunday, according to GasBuddy’s daily survey of 177 stations. Gas prices in Shreveport are 18.9 cents per gallon lower than a month ago and stand 94.3 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Shreveport is priced at $1.17/g today while the most expensive is $1.99/g, a difference of 82.0 cents per gallon. The lowest price in the state today is $1.12/g while the highest is $2.96/g, a difference of $1.84/g.

The national average price of gasoline has fallen 4.4 cents per gallon in the last week, averaging $1.74/g Sunday. The national average is down 25.6 cents per gallon from a month ago and stands 115.1 cents per gallon lower than a year ago.

Neighboring areas and their current gas prices:
Little Rock- $1.29/g, down 7.6 cents per gallon from last week’s $1.36/g.
Dallas- $1.36/g, down 2.8 cents per gallon from last week’s $1.38/g.
Louisiana- $1.62/g, down 4.7 cents per gallon from last week’s $1.67/g.

“Unsurprisingly, for the ninth straight week average gas prices have fallen across every state in the country, with more downward potential likely, especially in today’s highest priced states,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While much of the talk last week was about the West Texas Intermediate benchmark falling to $0 per barrel and then into negative territory, it was very isolated and oil eventually rebounded back to the current $15 per barrel level. As a result, gasoline prices will likely remain subdued until meaningful demand for petroleum returns, and that may not be for weeks or perhaps longer. In addition, every day until OPEC’s oil production cut come into force May 1 is another day where global supply drastically outpaces demand, flooding the market with more oil, prolonging the time gas prices will remain low- something that easily could last into the summer, when motorists may be better positioned to take advantage.”

You may also like