Drivers across southeast Louisiana are getting some welcome relief at the gas pump as prices continue to trend downward.
According to GasBuddy petroleum analyst Patrick De Haan, the national average price of gasoline has now declined for six consecutive weeks. In the New Orleans metro area, drivers are paying an average of about $3.49 per gallon, nearly 50 cents less than they were four weeks ago and about 13 cents less than last week.
Prices are, however, still about 70 cents more than a year ago.
De Haan says recent developments involving the United States and Iran have helped stabilize global oil markets. A framework agreement reached over the weekend and the easing of sanctions allowing Iranian oil back onto the global market could help keep prices moving lower in the near term.
While some motorists are hoping for gas prices below $3 per gallon, De Haan says it's too early to predict whether that will happen.
"I think it's far too early to talk about sub-$3 prices," he said. "It's something that could happen later this year if everything goes right, but a lot would have to happen."
One major factor looming over the forecast is hurricane season. De Haan says any significant storm impacting Gulf Coast energy infrastructure could disrupt supply and send prices higher again.
For now, however, drivers can enjoy a trend that has become increasingly rare in recent years: lower prices at the pump.
