Gasoline price rise continues
Average retail gasoline prices in Louisiana have risen 4.5 cents per gallon in the past week, averaging $2.69/g today. This compares with the national average that has increased 3.6 cents per gallon in the last week to $2.78/g, according to gasoline price website LouisianaGasPrices.com.
Including the change in gas prices in Louisiana during the past week, prices today are 89.1 cents per gallon higher than the same day one year ago and are 21.2 cents per gallon higher than a month ago. The national average has increased 16.7 cents per gallon during the last month and stands 88.2 cents per gallon higher than this day a year ago.
"We're starting off March like a lion with little hope of it going out like a lamb", said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. "While conventional wisdom tells us demand will increase as we move towards warmer weather, it appears that gasoline price increases have easily outpaced any potential increases in demand thus far. On that note, I expect most of the country to flirt with prices near or over $3/gallon come Memorial Day, with the exception of California, where prices will average near $3.35/gallon", he adds. DeHaan goes on to say that the only bright spot for motorists this year is that plenty of spare refining capacity and lower gasoline demand than years prior will keep gasoline prices from rising to record highs.