Gasoline prices down in the New Orleans area

New Orleans, La. - Gasoline prices across the New Orleans area are down, falling 7.5 cents per gallon in the past week. Those numbers, released Monday by the gasoline price website reports the price of gasoline is averaging $3.52 a gallon. This compares with the national average that has fallen 9.0 cents per gallon in the last week to $3.67 a gallon.

Despite the drop in prices locally, gasoline in New Orleans is still 26 cents per gallon higher than the same day one year ago, but 14.3 cents per gallon lower than a month ago. The national average has decreased 14.2 cents per gallon during the last month and stands 20.1 cents per gallon higher than this day one year ago.

"Only one other time in the last few years have we seen the national average drop so significantly in the course of just a week, and that other time was in May 2011," said Senior Petroleum Analyst Patrick DeHaan. "Looking back at our data, we only see that prices dropped considerably more in autumn 2008 when the economy slipped into a recession. Given the circumstances with this latest weekly decrease- that it has nothing to do with recession- is significant," DeHaan said.