Saturday, July 13, 2024

Gasoline Prices in Shreveport See Significant Rise Amid National Fluctuations

by BIZ Magazine

Shreveport, LA – Average gasoline prices in Shreveport have surged by 10.6 cents per gallon over the past week, bringing the current average to $2.91 per gallon, according to GasBuddy’s latest survey of 177 stations in the area. Despite this recent increase, prices in Shreveport remain 6.5 cents per gallon lower than they were a month ago and are 21.3 cents per gallon less than the same time last year.

The range of prices within the city is quite broad, with the cheapest station reporting a price of $2.61 per gallon and the most expensive at $3.39 per gallon, marking a 78-cent difference. Comparatively, the lowest price in Louisiana yesterday was $2.58 per gallon, while the highest reached $3.99 per gallon, a $1.41 difference.

National Trends and Local Context

Nationally, the average price of gasoline has seen a slight uptick of 1 cent per gallon in the last week, averaging $3.41 per gallon. This national average is 18 cents lower than it was a month ago and 13.8 cents lower than last year. In contrast, the national average price of diesel has decreased by 1.6 cents over the past week, standing at $3.73 per gallon, its lowest level since January 2022.

Patrick De Haan, head of petroleum analysis at GasBuddy, provided insight into these trends, saying, “Since the national average price of gasoline fell to its lowest June level since 2021 last week, we’ve seen the drop in prices take a break, with some states seeing a small rise over the last week. Thankfully, I expect this to be more like a short timeout, with an eventual return to falling gasoline prices in most states.”

Historical Pricing and Regional Comparisons

Historical data highlights the fluctuating nature of gasoline prices over the past decade:

  • June 17, 2023: $3.12 per gallon (U.S. Average: $3.55)
  • June 17, 2022: $4.49 per gallon (U.S. Average: $4.99)
  • June 17, 2021: $2.69 per gallon (U.S. Average: $3.07)
  • June 17, 2020: $1.76 per gallon (U.S. Average: $2.11)
  • June 17, 2019: $2.21 per gallon (U.S. Average: $2.67)
  • June 17, 2018: $2.52 per gallon (U.S. Average: $2.89)
  • June 17, 2017: $2.03 per gallon (U.S. Average: $2.29)
  • June 17, 2016: $2.10 per gallon (U.S. Average: $2.35)
  • June 17, 2015: $2.54 per gallon (U.S. Average: $2.80)
  • June 17, 2014: $3.41 per gallon (U.S. Average: $3.67)

In neighboring areas, current gas prices are as follows:

  • Little Rock: $2.88 per gallon, down 3.6 cents from last week’s $2.92
  • Dallas: $3.07 per gallon, up 20.6 cents from last week’s $2.87
  • Louisiana: $2.94 per gallon, down 3.2 cents from last week’s $2.97

Economic Implications

The variation in gasoline prices reflects broader economic trends and market conditions. GasBuddy’s extensive and up-to-date data plays a crucial role in helping consumers make informed decisions. De Haan emphasized the positive outlook for motorists, noting that the continuing decline in diesel prices and relatively lower gasoline prices compared to last year are beneficial, especially as fuel costs are a significant component of the Consumer Price Index.

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