The statewide average price for a gallon of gasoline is currently at $2.11, down about a nickel from this time last week and 21 cents from last month. Uncertainty over tensions between the US and Iran earlier this year resulted in an uptick of prices, but AAA fuel analyst Don Redman says the recent drop follows an annual pattern.
“This is typically what we would see in January and February as that’s usually some of the best prices you’ll see all year,” said Redman.
A gallon of gas is still about 12 cents higher than this time last year and that gap is closing. Redman says dropping trend may not last much longer.
“I think that will continue for another week or so but as we head into March, there may be some changes on the horizon. One is that OPEC is going to meet again and may make the decision to cut back on oil production even more,” said Redman.
At $50 per barrel, crude oil prices are at their lowest point in a year. Redman says an additional factor that could result in an uptick in prices is the transition from winter-grade gas to summer-grade gas.
“It shouldn’t be surprising if at some point, into March or into May, that we could see gasoline averages in Louisiana about $2.50 a gallon,” said Redman.
