Gas Prices at Historic Lows Heading into Summer Driving Season
Saturday morning I had to drive to Baton Rouge to help my daughter move out of her apartment at LSU. That's typical travel for this time of year. The one exception was the incredible lack of traffic on I-10. Think about it, Saturday was the unofficial start of the summer migration to Florida for almost everyone in South Louisiana. Normally, it's an hour-long wait to cross the Mississippi River, not so much during these pandemic times.
The fact that most of us have been hanging out very close to home the past two months and the whole oil price debacle that's currently going on have been a blessing and curse for South Louisiana. We love to pay only a little for a lot of gas but when the price of gas is low, that usually means people we know are out of work in the oil patch.
The American Automobile Association said the average price for fuel heading into Memorial Day weekend for $1.63 a gallon for Louisiana drivers. Analysts say they have not seen fuel prices that low since 2003. The national average for a gallon of regular gasoline is $1.95. The highest prices for fuel are on the west coast while Louisiana, Texas, and Mississippi have some of the lowest fuel prices in the country.
Analysts with AAA do anticipate a rise in fuel prices over the next month. They don't expect a huge spike but by the Fourth of July fuel prices could be several cents higher. Now all bets could be off should there be a tropical system develop in the Gulf of Mexico or some political upheaval in the oil-producing states of the Middle East.