Gas Prices Beginning to Creep Higher in Louisiana – Here’s Why
Drivers in Louisiana have started to notice that gas prices have started to edge back up over the past few weeks and the reason for the price increase is probably not what you think it is. Drivers in Louisiana have been paying about $3.10 for a gallon of regular fuel. However, just this morning Triple A is reporting that the price for that same gallon of fuel is now $3.20.
Just yesterday the average price for a gallon of regular in Louisiana was reported to be $3.13 a gallon, so that's a jump of seven cents from Wednesday to Thursday. The bad news is that it does look as if prices will continue to rise over the next several weeks. Granted that $3.20 a gallon might look steep compared to recent prices but remember it was less than four months ago we were paying an average of $4.55 for a gallon of regular.
What's causing the latest spike in fuel prices?
As you might imagine there are some socio-political issues with OPEC and Russia that are still fueling some of the higher fuel prices. There was Hurricane Ian which disrupted some but not a lot of production in the Gulf of Mexico too. But the biggest reason for the increase in prices is ageing infrastructure.
While it's true our roads, bridges, and pipelines that carry oil to refineries and fuel from refineries to distributors are ageing it's actually the refineries themselves that are the culprits. U.S. oil refineries are expected to produce about 1.5 million barrels per day less over the next few weeks than they had been producing earlier in the year.
The reason for the reduction is refinery maintenance and upgrades. Refineries such as BP-Cenovus have been offline because of an accident last month while Irving Oil's Canadian is undergoing maintenance as we speak.
Several Gulf Coast refineries, Marathon's Galveston Bay, Motiva's Port Arthur refinery, and Pemex Deer Park, are also undergoing maintenance this fall too. All of this contributes to the rising price of fuel that we put in our cars.
We did a spot check of fuel prices in the local area and it does look as if South Louisiana drivers will be paying considerably less than some other places around the country and even around the state. Fuel prices around town locally are as low as $2.75 for regular to about $2.92 at some other locations. So, you can still find lower prices if you shop around.
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