Gas prices falling as crude oil prices drop at the end of summer

Crude prices could be about 15 dollars a barrel cheaper than a year ago

Jim Hanzo
August 26, 2019 - 8:31 am

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Crude oil prices are sitting at just under 55 dollars a barrel as the summer is coming to an end.   So what does that mean for prices at the gas pump?

"By the fall we are looking at a statewide average of around $2.05 a gallon and many service stations will be well under that," said AAA fuel analyst Don Redman. 

Crude oil was at 68 dollars a barrel this time last year. 

"Compared to this time last year it could be as much as 15 dollars a barrel cheaper," he noted. 

Of course barring any hurricanes coming to shore in the next few weeks, motorists should see savings in every market across the country including New Orleans.

"Between now and the next 30 days, I mean this is the peak hurricane season, so you know, all bets are off if a storm enters into the Gulf and that could really change our fortunes very quickly," Redman said.     

Average gas prices in New Orleans are around 2.16 a gallon.  

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