Monday, July 15, 2024

Gas Prices Hold Steady in Louisiana, National Average Sees Slight Decline

by BIZ Magazine

Gasoline prices in Louisiana have remained unchanged over the past week, with the average price hovering at $2.88 per gallon, according to a recent survey by GasBuddy. The data, compiled from 2,436 stations across the state, indicates a marginal increase of 14.1 cents per gallon compared to last month but a decrease of 9.5 cents per gallon from the same period last year.

The national average price of gasoline has experienced a modest decline of 1.9 cents per gallon over the past week, currently standing at $3.24 per gallon. Despite this decrease, prices remain elevated, up by 13.3 cents per gallon compared to a month ago but down by 9.2 cents per gallon compared to the previous year.

Historical gasoline price data provided by GasBuddy reveals fluctuations in prices over the past decade. In Louisiana, the average price of gasoline on February 26, 2023, was $2.97 per gallon, while the national average stood at $3.33 per gallon. In contrast, prices were notably lower on the same date in 2016, with Louisiana averaging $1.54 per gallon and the national average at $1.73 per gallon.

Neighboring areas in Louisiana also experienced variations in gas prices. Baton Rouge saw a slight increase, with prices rising to $2.88 per gallon from last week’s $2.86 per gallon. Jackson maintained its average price at $2.79 per gallon, while New Orleans witnessed a slight uptick to $2.92 per gallon from last week’s $2.91 per gallon.

Patrick De Haan, head of petroleum analysis at GasBuddy, emphasized the temporary nature of the current stabilization in prices. De Haan noted that while the pause in price increases has been welcomed by motorists, it is likely to be short-lived. Factors such as fluctuations in oil prices and low refinery utilization rates are expected to contribute to a resurgence in gas prices in the near future.

GasBuddy remains a leading source of gas price information, providing real-time updates from nearly 150,000 stations nationwide. For more details, visit GasBuddy’s website at http://prices.GasBuddy.com.

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