After taking a slight dip, gasoline prices are getting higher once again, as the average price for a gallon of regular gas is up to three dollars and ninety-one cents. AAA spokesman Don Redman says a potential ban on Russian oil by the European Union would create a real tightening of the market, and today’s oil prices reflect that concern.
“Just a week ago, under $100,” said Redman. “Now we’re looking at about $109/barrel; about a seven percent jump in the past couple of days. All that’s pushing oil prices upward.”
Memorial Day weekend, the unofficial start of summer is just a few weeks away. It typically signals an increase of drivers on the roads, but Redman says demand for gas is down as drivers continue to adjust their habits to deal with high fuel costs. He expects prices to remain high throughout the summer.
“We’re still advising AAA members to budget at least $4/gallon for gasoline through the summer, and hopefully something else will shake up,” he said.
Redman says oil prices are very much driven by the news of the day. OPEC deciding not to increase production and the ongoing crisis in Ukraine are problems enough on their own, but Redman reminds Louisianans of another major factor looming on the horizon…
“We’ll be entering the hurricane season,” Redman said. “And of course, we know what Hurricane Ida did; how much destruction it created. So, I don’t expect consumers getting a break anytime soon.”
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