Louisiana Gas Prices Jump With National Averages On The Rise

(KMDL-FM) It's being called "The jump at the pump," that's the quaint and cute way media outlets are describing the very non-quaint and not cute at all reality of rising fuel prices. And if you haven't filled up in a few days, you might be more than a little shocked when you see just how much gas prices have changed.

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The obvious reason for the change in petroleum prices is the ongoing military action in the Middle East. That part of the world is a major supplier of oil to the rest of the world, and not only is production affected, but logistics are as well.

By logistics issues, we mean concerns about moving oil from where it's produced to refineries where it can be refined into the fuel and other products the world's economy needs to keep running smoothly.

According to the American Automobile Association and its website that tracks gas prices across the nation, the national average for a gallon of regular gasoline was listed at $3.478 per gallon. One week ago, that same gallon of fuel would have cost you $2.997.

If you break the prices down even further, here in Louisiana, the current average price for a gallon of regular fuel is $3.04. That is significantly lower than the national average. But when you compare the price of fuel today with the price of fuel from just one week ago, when the price was $2.578, you can see just how big a bite fuel prices are going to start taking out of a family's budget.

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How High Will Gas Prices Climb?

Naturally, that depends on who you ask, and the one caveat to every industry expert's prediction on fuel prices involves just how long the military activity in the Middle East will continue. But there seems to be a consensus that, based on available information, the current runaway train that is gas pricing across the nation could finally slow down by the middle of April.

The key to how high or how much longer fuel prices will continue to rise is the shipping lane known as the Strait of Hormuz. That narrow bit of ocean controls the flow of about 20 million barrels of oil per day. Or about one-fifth of the daily global consumption. The Strait of Hormuz has been closed by Iran because of the ongoing military action.

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As soon as that shipping channel is reopened, the world could start to see fuel prices begin to unwind in the weeks that follow. But in the meantime, just how much higher will fuel prices go?

There are two factors at work in the rising cost of fuel for our cars. One of the military actions in the Middle East. Two, the switch from winter blends of gasoline to the summer blend of gasoline. We are in that transition right now, and that usually adds to the cost of fuel ahead of the summer driving season anyway.

How Much Per Gallon Will Louisiana Drivers Be Paying for Fuel?

Some forecasters suggest motorists will be paying between $4 and $6 for a gallon of fuel this summer. Other analysts don't believe the prices will go that high, but a general range of $3.70 to $4.20 for a national average price by the first of April seems to be the range a lot of industry experts are suggesting.

And while there is not much we can do to affect the outcome or the length of the current military action in the Middle East, at least we can save our own money by being more efficient in how and when we choose to drive. And I guess we could try some of these ideas.