New Orleans, LA. - Gasoline prices are tumbling in the New Orleans area. In the past week, prices at the pump have fallen 9.1 cents per gallon, averaging $3.32 a gallon. This compares with the national average that has fallen 5.6 cents per gallon in the last week to $3.51 a gallon, according to gasoline price website NewOrleansGasPrices.com.
Despite the drop, the price of gas in New Orleans is still nearly 13 cents a gallon higher than the same day one year ago, but much lower than this same time a month ago when prices were nearly 27 cents a gallon higher. Nationwide, gasoline prices are down 28.4 cents per gallon compared to a month ago, but 7 cents higher than this same time a year ago.
"Even with Hurricane Sandy causing havoc on refineries and infrastructure in the Northeast, gasoline prices nationally have continued to trend lower," said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. "It goes to show how much more significant the Gulf Coast is to this nation's energy backbone when such a massive storm causes no major rise in the national average. The good news is that average prices will likely continue to decline, perhaps to $3.35 a gallon nationally by Thanksgiving.