In the New Orleans region gas is up to $3.95 a gallon today, up six cents over yesterday and closing in on an all-time record of $4.01 a gallon. Given we’ve seen a 75 cent rise in the last month alone, could we see $5 a gallon gas sometime this year?
AAA Fuel Analyst Don Redman told WWL while the situation is volatile and anything could happen, they don’t currently foresee that outcome.
“It does look like there is still movement upward, but another dollar per gallon in Louisiana? I don’t necessarily see that right now,” said Redman. “That’s not what AAA has forecast but we have always had this caveat that it is a very fluid situation.”
While $5 a gallon gas seems unlikely, crossing the $4 threshold seems all but certain.
“We had been advising members for about a month to start budgeting for $4 a gallon, and it certainly looks like it is going to exceed that,” said Redman.
As the Russian invasion of Ukraine drags on and Putin’s oil-producing giant gets hit with further sanctions, including today’s announcement of a ban on Russian oil imports into the US, the price is likely to surge even higher.
