Gas prices still expected to rise a bit heading towards Labor Day

Jim Hanzo
August 15, 2017 - 9:23 am
Categories: 

Although prices at the gas pump have risen in the last month, they seem to have stabilized a bit.  Could that mean the end of rising prices at the pump?

Don Redman with Triple A says we are seeing a benefit in low prices largely because we have a very good inventory to match the high demand, but he says the question remains will that inventory be able to keep pace with the demand. 

"The question will be as we get to Labor Day, will that inventory be able to keep pace with the demand?" Redman asked.  "Our expectation is those prices will still inch upwards to Labor Day.  We had projected about $2.20-$2.25 for the average in Louisiana but we may be a little bit below that." 

He says Louisiana still remains as one of the states with the lowest gas prices in the country.  Averaging just under $2.16 a gallon.  New Orleans is averaging around $2.12 gallon at the pump. 

"We may see some of those refineries winding down some of their production and hoping that the inventory carries us out through the remainder of the summer," Redman said.

Comments ()