The statewide average for a gallon of regular gas in Louisiana today dropped below $4.00 to $3.99 a gallon. And while it is barely below $4.00, AAA fuel analyst Don Redman admits it has been a tough few weeks for consumers and the future is still unclear on prices.
“It’s moving in the right direction for consumers and the hope is that that downward trend will continue but man it is so up in the air in terms of all the turmoil circulating around the market,” said Redman.
The average price for regular gas in Louisiana a month ago was $3.37 and a year ago $2.68 a gallon in Louisiana. The national average for regular gas in the nation today is $4.23.
Even though the price dropped, Redman continues to encourage consumers to budget for gas at $4.00 a gallon. And despite the Biden Administrations’ announcement to tap oil reserves Redman feels it will only have a psychological impact on markets.
“And I think it may have a psychological effect on the market. In terms of real practicality does it make a big dent in the big picture, no not that much,” said Redman.
Redman said when gas averaged $4.16 a gallon crude oil prices were $130 a barrel.
With the markets still fuzzy, Redman said he believes the best predictor for any relief at the pump hangs on Russia’s invasion of Ukraine.
“It’s all about what Russia’s intentions are with Ukraine, and will they call quits and when will they call quits or a truce and drive those prices back down,” said Redman.
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