Gas prices in Louisiana are down by nearly a dollar and a half compared to last year’s record high for a statewide average for a gallon of regular gas at $4.56.
AAA Fuel Analyst Don Redman says gasoline prices are notably lower than expected.
“We anticipated that we would be at this time of the year looking anywhere between $3.25 to $3.50 a gallon. So we’re even beating those expectations. It’s getting back more in line to what we saw in 2019. It’s a big relief for sure,” said Redman.
On June 15 last year, the price for a gallon of regular gasoline was at a record high of $4.56 and now it’s at $3.12. Redman says the drop is due to the price of oil and ease in demand.
“The price of oil is hovering about $70 a barrel. That’s been keeping the prices moderated as well as you don’t have quite the demand that was initially anticipated,” he explained.
Redman says gas prices should hold steady for the summer maybe a slight bump around the 4th of July holiday but no steep hikes are expected unless a hurricane shuts down a bunch of refineries.
“We are in the hurricane season as we get further into the summer that’s always a dicey situation trying to anticipate what prices are. But barring any major interruptions like a storm would bring we anticipate those prices to be very similar to where they are right now today,” Redman said.
The national average for regular gas is $3.58 a gallon.
