As the coronavirus forces the economy into a freefall, oil and gas prices continue to drop. Patrick DeHann, Head Petroleum Analyst with Gas Buddy says prices at the pump for the month of March continue to drop and oil prices are the lowest we’ve seen in eighteen years. DeHaan gives an update on Louisiana.
“We’re down to $1.85 in Louisiana on average, down about nine cents from a week ago, down thirty-cents from a week ago, down 58-cents from a year ago,” says DeHaan.
DeHaan says even with $1.85 a gallon being the statewide average they have seen prices far lower than that in certain parts of the state.
“Now we’re seeing some prices at $1.39, even a $1.37 even a $1.29 in Baton Rouge,” says DeHaan.
DeHaan says while some might see a reduction at the pump as a relief while their personal income has been reduced due to the coronavirus pandemic, however…
“We all like low gas prices but it’s hard to cheer for them when our neighbor’s jobs are and livelihoods are at risk because of low prices,” says DeHaan.
And Louisiana being extremely dependent on the oil industry… “It’s a sign of a deeply distressed economy and there are tens of thousands if not hundreds of thousands of jobs in the oil sectors that could be at risk,” says DeHaan.
Story by Brooke Thorington.
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