There’s something to be thankful for at the pump this week. Gas Buddy Senior Petroleum Analyst Patrick DeHaan says the average price for regular gas in Louisiana is down a penny and half with the statewide average at $3.09 a gallon, down four cents from last month. He says it has to do with the price of oil which was $85 a barrel.
“Now we’re all the way down about $76 a barrel, so the nearly $10 a barrel drop in the last couple of weeks in the price of oil has opened up the door for lower gas prices just ahead of Thanksgiving,” said DeHaan.
DeHaan says the Department of Interior issuing new leases on federal land is part of the reason for the drop in prices and less demand in Europe as some countries are facing lockdowns again as COVID cases increase.
“And of course, the President has talked about releasing oil from the strategic petroleum reserve, in fact, several other countries now appear to be orchestrating an effort to do so as well, and that could be pushing down the price of oil,” said DeHaan
Compared to 2020 prices are much higher, up $1.28 a gallon, but so is demand, DeHaan says more people are traveling this year as COVID cases are down in the US this Thanksgiving and they are traveling farther. If you are driving out of state DeHaan says, be prepared for even more sticker shock since Louisiana is typically lower than the national average.
“Make sure to shop around before you’re crossing out of the state to make sure you’re not facing higher prices,” said DeHaan.
The national average for regular gas is $3.41 a gallon.
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