You are starting to see gas prices for regular gasoline below three dollars a gallon again. The statewide average price for a gallon of regular gas is $2.97, dipping 30 cents lower than a month ago. Triple A Fuel Analyst Don Redman says it’s a direct reflection of a drop in demand.
“We have a big drop in demand for gasoline which is usually typically for fall though. This is a little bit more than above normal decline but it also has a very healthy inventories for gasoline.”
Redman says the price for crude is around $82 a barrel, down by almost $10 a barrel from a month ago. He says the the ongoing invasion of Ukraine and Israel adds uncertainty but the current outlook for the markets remains stable short-term.
“At any time you have ongoing conflict in the Middle East the market is going to be very jittery. It’s going to be based on the news of the day. But I think the market is going look there just not the demand to justify these higher prices.”
When Israel moved into Gaza, the price of crude went up to about $95 a gallon before it started retreating.
Redman says AAA forecasted higher gasoline prices. He says barring any disruptions he expects the average price in Louisiana to remain below $3.00 a gallon this holiday season.
“Right now while Triple-A was forecasting that we would be looking at prices like three and a quarter, pretty much where we were a month ago. It looks like we’re definitely going to be well under three dollars a gallon as we get under Thanksgiving mode.”
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