Downward Trend On Gas Prices Expected To Continue
According to GasBuddy.com, domestic oil production is keeping the nation's gas prices down to 2010 Labor Day weekend levels.
Senior Petroleum Analyst Patrick DeHaan says prices on average in Louisiana are about 20 cents lower today than they were a year ago.
"With some prices throughout the state under $3 a gallon," said DeHaan.
DeHaan says the lack of hurricanes is allowing for oil production to go on without any disruption. He says the U.S. is about to eclipse Saudi Arabia in monthly oil production.
We should see the downward trend continue throughout the fall months.
"We're talking about a huge increase in the amount of oil that this country is able to produce," said DeHaan. "Refineries have been running all summer."
DeHaan says the low price at the pump is boosting consumer confidence, and as a result more people are hitting the road for an end-of-summer vacation.
He says the good news doesn't end there as demand for gasoline drops after this weekend.
"And then mid-September the entire country goes back to a cheaper form of gasoline: the winter blend," said DeHaan. "So we should see the downward trend continue throughout the fall months."