How Did We Get Here? A Look at the History of Average Gas Prices in Louisiana
Gas prices have been a big topic of conversation lately, as the cost of fuel is soaring to heights that we haven't seen in nearly a decade.
As more and more people are filling up their vehicles, the total price is noticeably higher as the average price per gallon is hovering around $4—a big jump from the last time most of us had to top off our tanks.
Why is gas so expensive right now?
But what is to blame? Well, if you ask local Facebook experts, you may have seen a few posts mentioning "Brandon"—but it's not that easy to place all the blame on our current leadership in the United States.
Also, to be clear, this post isn't a political one—because there's already enough of that on social media, right?
As tensions rise in the Russia-Ukraine situation, there are definitely some geopolitical implications at play here, but we're also seeing the lingering effects of the COVID-19 pandemic as well.
Oh, and did anyone mention "inflation?"
So, how high are these gas prices?
While our prices in Lafayette have definitely seen an alarming uptick, the average price per gallon of gas has hit the $5 mark in some parts of the country. In those places, there have been images of premium fuel going for over $7 a gallon.
Hoes does it really compare to where we've seen Gas Prices in the past?
So, is this something that should be concerning us, or are people just overreacting on social media? Well, taking a look at where we've come from can help us to answer that question. This chart from GasBuddy shows the average price per gallon of gas over the last 10 years dating back to 2012.
Right away, it's clear to see that we've enjoyed lower gas prices for the better part of the last eight years, but the trajectory that we're currently on is not looking good. Here's how we compare to the rest of the country over that same time period.
The results are also nearly identical when comparing Baton Rouge and New Orleans to Louisiana's overall average price per gallon of gas.
So when does all this madness end? Will it ever?
Well, the good (and bad) news about trends is that they ... well ... "trend." Right now, we're seeing an upward trend, and as they say: What goes up, must come down.
The only problem is we may have to wait a while for that to happen, as GasBuddy predicts a national average price of $4.25 by Memorial Day unless something "drastic" happens soon.
Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day
In case you were wondering, the record is currently $4.10 😩 which means we're on pace to shatter it. These are not the types of records we're necessarily excited to break.
Have your driving habits changed with the recent uptick in gas prices? Have you been taken aback by the cost at the pump? If so, share your experience with me by dropping a note.