According to GasBuddy.com, the average price of regular gasoline in Louisiana is $1.64 a gallon and some service stations are selling gas for close to a dollar a gallon. Senior Petroleum Analyst Patrick DeHaan says the average price is down about a nickel from last week.
“Prices now ninety cents lower than year. By all metrics, prices will continue to decline for the weeks ahead as oil prices continue to be under heavy selling pressure,” said DeHaan.
The economic downturn caused by the coronavirus pandemic crashed the oil market and has also driven down demand for gasoline.
There have been some prices as low as $1.05 a gallon in New Orleans.
DeHaan predicts prices could drop another twenty to forty cents a gallon.
“Bringing it into the low dollar a gallon per range, depending on how we remain on lock down across most states in the country,” he said.
As some states start to lift their stay at home orders and the demand for gas slowly increases, DeHaan says he doesn’t expect to see a big jump in pump prices.
“Even this summer, I’m not expecting that slow rise to amount to gas prices that are anywhere near where they were prior to this.”