The average price for a gallon of regular gas in Louisiana today is $4.13, down two cents from the record high of $4.15 set on Friday. Triple-A fuel analyst Don Redman said it’s too soon to say if prices have peaked at the pump.
“It’s hard to say whether we’ve hit the peak, but we have at least a temporary halt to the increases, and a lot of it’s dependent on the ongoing peach negotiations with Ukraine and Russia,” said Redman.
Redman believes if peace negotiations are reached then gas savings will continue. Another factor that’s dropped the price of crude oil is the possibility of another COVID lockdown in China which would reduce demand.
And while prices jumped quickly, they won’t necessarily fall at the same speed. Redman said that’s partly because when forecasters estimated crude oil prices could reach $200 a barrel many distributors locked in prices for example at $130 a barrel.
“and not they’re stuck with this more expensive fuel that they’ve got to get rid of and it may be a month contract,” said Redman.
As for making any drastic budget changes in hopes that gas prices will continue to decline, Redman recommends budgeting for $4.00 a gallon at least until May and practice fuel efficiency.
“Slow down is one of the easiest things we can do, make sure tires are properly inflated, and then combine as many errands as possible into one trip,” said Redman.
The average price for diesel in Louisiana today is $4.97 a gallon.
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