Experts predict lower gas prices could be ending soon

Published: Jul. 2, 2012 at 3:29 PM CDT|Updated: Jul. 2, 2012 at 4:07 PM CDT
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New Orleans, La. - Average retail gasoline prices in New Orleans have fallen 8.5 cents per gallon in the past week, averaging $3.02 a gallon. However, there are several locations in the metro area where drivers can find gas below the $3-dollar mark. This compares with the national average that has fallen 6.6 cents per gallon in the last week to $3.37/gallon, according to gasoline price website

Including last week's decrease in New Orleans gas prices, prices yesterday were 31.0 cents per gallon lower than the same day one year ago and 28.1 cents per gallon lower than a month ago. The national average has decreased 24.0 cents per gallon during the last month and stands 19.8 cents per gallon lower than this day one year ago.

"Oil prices rose significantly last Friday, reversing a downward trend," said Senior Petroleum Analyst Patrick DeHaan. "It was the largest single day jump in recent memory. In some areas of the country, specifically the Great Lakes, gas station margins are fast approaching negative territory, meaning price hikes can be expected there. Other regions may see prices stabilize or jump higher as well. One thing is for sure- the yellow brick road won't be leading us to cheaper pumps for much longer, something many Americans will undoubtedly tie to the upcoming holiday," DeHaan said.