LA Gas Prices Up, But Probably Not For Long

It is very much a doubled edge sword here in South Louisiana. The price of gas is what I am talking about. On one hand it's great to be able to fill up your car or truck for less money. On the other hand we all know those lower gas prices could mean job losses across the oil patch. Those who know the oil business say things are very cyclical. There is an ebb and flow to the price of the commodity. Let's hope that soon there is a nice balance achieved where our friends and neighbors keep their jobs and the price of gas is reasonable and affordable.

Speaking of the price of gas, you've probably had to pay just a little bit more for a fill up over the past couple of days. The current statewide average for a gallon of regular gas was $2.23. That is up about .06 cents from last week's average price. These prices are based on information from Gasbuddy.com, a fuel pricing website.  Greg Lakoski, a Senior Petroleum Analyst, told the Louisiana Radio Network the reason for the bump in prices,

"And the reason for this seems to be the sharp increase we saw in crude oil prices last week. We started the week around $52 a barrel and ended at $57 and change."

Lakoski does not see the price increase as something that motorists will be dealing with over the Summer driving season.

" I don't think we're going to see a long summer of rising prices. I think we're going to see a summer of moderating and declining prices."

He says the long term speculation within the industry is downward pressure on pricing and not so much the other way. However, there are other factors that could play a part in how market prices react including global political affairs and the threat of a tropical weather system in the Gulf of Mexico.