For the second straight week, the average price of a gallon of regular, unleaded gasoline has risen slightly in Baton Rouge, according to the AAA Daily Fuel Gauge. Nonetheless, at $3.29 as of this morning—an increase of 5 cents on the week, following a penny rise the week previous—motorists in the Capital Region are still enjoying some of the lowest prices in the country. Just four states in the U.S. have a slightly lower average than Baton Rouge: Alabama, Mississippi, South Carolina and Tennessee. The increases over the past two weeks were preceded by price declines for nine consecutive weeks. The Baton Rouge average one month ago was 4 cents higher than today, and the average a year ago was 25 cents higher. The Louisiana average this morning is $3.31, up 4 cents from a week ago but down 6 cents from a month ago. A year ago, the average price in Louisiana was $3.55. The U.S. average today is $3.57, up 5 cents on the week and 3 cents on the month—but down 15 cents...
According to a report in USA Today citing data from real estate tracker Lender Processing Services, Baton Rouge is among a handful of housing markets in the country that are at or near previous price peaks. Like most of the cities at or near a peak, the report says, Baton Rouge never saw prices plummet during the recession. Of the cities within 5% of their previous peaks, none saw more than an 11% decline in home values from mid-2006 to the market's bottom in early 2012, LPS data shows. Nationally, prices fell almost 28% during that time. Baton Rouge is also said to be among a number of cities in which job growth in particular is fueling home price increases. The report notes that the Capital Region "posted stronger annual job growth than the national average of 1.4%," citing Bureau of Labor Statistics data. You can find the full story here. According...
After posting decreases in each of the nine weeks previous, the average price of a gallon of regular, unleaded gas ended its downward trend last week, according to the AAA Daily Fuel Gauge Report. At $3.24 as of this morning, the average price is one penny more than it was a week ago. However, it's still 15 cents lower than a month ago, and about 40 cents lower than it was when it started a period of steady reduction more than two months ago. One year ago this week, the Baton Rouge price was $3.61. The Baton Rouge average is now 3 cents lower than the Louisiana average and 28 cents lower than the national average. You can check out the complete AAA Daily Fuel Gauge Report here.
With another 3-cent drop over the past week, the average price of a gallon of regular, unleaded gas has now fallen for nine straight weeks in Baton Rouge. Gas is selling for $3.23 as of this morning, according to the AAA Daily Fuel Gauge Report. That's about 11.5% less than it was selling for—$3.65—when it began to trickle down more than two months ago. One month ago, the local average was $3.44, and one year ago it was $3.69. The Baton Rouge average continues to be less than the Louisiana average, $3.28, and the U.S. average, $3.50. AAA attributes falling prices across the country in recent weeks to "low demand, continued disappointing economic news and lower crude oil prices." You can check out the complete AAA Daily Fuel Gauge Report here.
It appears that years of gas prices above $3 a gallon have altered Americans' perceptions of how high is too high. According to a new AAA survey, half of U.S. adults consider the price of gas to be "too high" when it reaches $3.44 a gallon, indicating that's about the breaking point at which drivers will begin to drive less or spend less elsewhere due to the price at the pump. "It was not long ago that motorists were shocked to pay more than $3 per gallon for gasoline, but now that is standard at stations nationwide," says AAA President and CEO Robert Darbelnet. "It is possible there is a new normal in terms of consumer attitudes now that gas prices have remained above $3 per gallon for more than two years. Most people have resigned themselves to paying higher gas prices." You can find more results from the AAA survey here. In Baton Rouge, gas...
For the past two months now, the average price of a gallon of regular, unleaded gas has trickled down each week in Baton Rouge, according to the AAA Daily Fuel Gauge Report. As of this morning, a gallon was selling for $3.26, which is 5 cents lower than a week ago and 23 cents lower than a month previous. Eight weeks ago, when the current decline in prices began, gas was selling for $3.65 a gallon. A year ago, it was at $3.74. The local average remains 4 cents lower than the Louisiana average, and 25 cents lower than the U.S. average. According to a report in USA Today, the national average is expected to fall another 20 cents a gallon by Memorial Day. When it comes to gas prices, what goes up usually goes up—particularly in heavier spring and summer driving seasons. But not this year. "To see this much weakness in demand for this time of the year is pretty eye-opening,'' says Patrick DeHaan, senior energy analyst at price-tracker gasbuddy.com. "You can attribute some of...
Paying on average $3.31 for a gallon of regular, unleaded gas as of this morning, Baton Rouge area motorists have now enjoyed decreasing fuel prices for seven weeks straight, according to the AAA Daily Fuel Gauge. Today's average is 6 cents lower than a week ago and 21 cents lower than a month ago. A year ago, gas was selling for an average of $3.79 a gallon, or 48 cents more than today. Southern states continue to see lower gas prices than do many states elsewhere in the nation, and Louisiana is no exception. At $3.35 a gallon this morning, the state average is down 6 cents from last week, 20 cents from last month, and 45 cents from last year. The U.S. average declined 7 cents from last week to $3.52 as of this morning. One month ago, Americans were paying 16 more cents per gallon on average; and one year ago, 38 cents more. Analysts are forecasting that gas prices will begin to rise in the coming months as summer—the peak driving season—approaches. However, summer...
On a list of 10 states in which gas prices at the pump have fallen the most over the past year by percentage, Louisiana is ranked No. 9, USA Today reports. As of April 1, Louisiana drivers were paying the 10th-lowest price in the United States for a gallon of regular, unleaded gas: $3.47. This morning in Baton Rouge, the average price is lower than the week previous for the sixth straight week, according to the AAA Daily Fuel Gauge. At $3.37, the Baton Rouge average is 6 cents lower than a week ago, 19 cents lower than a month ago and 44 cents lower than a year ago. The full AAA Daily Fuel Gauge can be found here. Nationwide, March gasoline prices fell for the first time in 10 years. AAA predicts the average price of gas in 2013 will be lower than 2012's average of $3.60 a gallon—the highest AAA has ever recorded. Among the reasons for the drop are that...
For the fifth straight week, gas prices fell by a few cents over the past seven days, according to the AAA Daily Fuel Gauge. As of this morning, a gallon of regular, unleaded gas was selling for an average of $3.43, down 4 cents on the week. The slow trickle down began at the end of February, when prices had been steadily rising for more than a month and a gallon of gas was selling for about 25 cents more compared to today. Last year at this time, gas was selling for $3.79 in the Baton Rouge metro area. The local average continues to remain below both the state and national average. The Louisiana average is at $3.46 at the start of April, which is 4 cents lower than a week ago, 16 cents lower than a month ago and 34 cents lower than a year ago. The U.S. average is at $3.63 this morning, down 3 cents on the week and 12 cents on the month. A year ago, the U.S. average was $3.92. You can see the complete report
After steady rises throughout the first two months of the year, gas prices in Baton Rouge have now trickled down for four straight weeks, according to the AAA Daily Fuel Gauge. As of this morning, a gallon of regular unleaded gas is selling for an average of $3.49 in Baton Rouge, down 4 cents compared to the average price a week ago. One month ago, the average local price was $3.65 per gallon, and gas is now selling for 27 cents less than it was at this time last year. The AAA Daily Fuel Gauge tracks prices in metro areas across the United States. The Louisiana average as of this morning is $3.50, down 3 cents on the week and 16 cents on the month. The U.S. average is $3.66, which is an increase of 2 cents on the week, but a decrease of 12 cents compared to a month ago. Hawaii is paying the highest average price in America, at $4.39. Wyoming motorists are paying the lowest average price in the country, $3.32. You can check out the complete report
For the first time since December, gas prices in Baton Rouge have decreased for two weeks straight. As of this morning, a gallon of regular, unleaded gas was selling for an average of $3.54 in Baton Rouge, according to the AAA Daily Fuel Gauge report. That's 4 cents lower than a week ago and 9 cents lower than two weeks ago. Nonetheless, motorists in the Capital Region are still paying 16 cents more per gallon than they were a month ago. The local average is 8 cents lower than it was one year ago. The Louisiana average as of this morning is 2 cents higher than the Baton Rouge average, at $3.56. That represents a decline of 5 cents on the week, but it's still 18 cents higher than a month ago. The national average is $3.69, also down 5 cents on the week but up 12 cents from a month ago. A year ago today, the U.S. average was 10 cents higher. You can check out the complete report
As of this morning, the average price for a gallon of regular unleaded gas in Baton Rouge is $3.54—16 cents higher than it was just one week ago. It marks the fourth straight week that local gas prices have risen, according to the AAA Daily Fuel Gauge Report. One month ago, gas was selling for $3.19 in Baton Rouge. One year ago, it was selling for $3.48 locally. The average price for a gallon of diesel has also risen sharply in Baton Rouge, and is at $3.97 this morning—a dime more than a week ago and a quarter more than one month ago. The Louisiana average for a gallon of regular unleaded gas is at $3.56 this morning, which is 17 cents higher than a week ago, 35 cents higher than a month ago, and 7 cents higher than a year ago. However, the local and state averages remain below the national average of $3.73 for a gallon of regular gasoline. The national average is 15 cents higher than a week ago, 43 cents higher than a month ago, and 18 cents higher than a year ago. You...
Another week, another nickel. After spiking 13 cents the week previous, the price of a gallon of regular unleaded gas in Baton Rouge rose by another 5 cents over the past week. As of this morning, Baton Rouge motorists are paying about $3.38 a gallon. That's 17 cents more per gallon than they were paying one month ago, but it's still 6 cents cheaper compared to last year at this time. Baton Rouge's average price is now just a penny below the state average of $3.39—which is also up 5 cents on the week. The state average is also lower than the national average of $3.58, up 6 cents over the past week. U.S. average prices have climbed 27 cents over the past month and are 8 cents higher this morning than they were one year ago. You can check out the complete AAA Daily Fuel Gauge Report here for gas price information from every state and major metro area in the...
The average price of a gallon of regular unleaded gas rose by 13 cents over the past week to $3.31 as of this morning, according the AAA Daily Fuel Gauge Report. Over the past two weeks, gas has now risen 15 cents per gallon. Today's average is 18 cents higher than it was one month ago but is still six cents lower compared to a year ago. Baton Rouge's average price remains just below the state average of $3.34 (also up 13 cents on the week), which is also lower than the national average of $3.52 (up 3 cents on the week). You can check out the complete AAA Daily Fuel Gauge Report here for gas price information from every state and major metro area in the country. Meanwhile, while oil prices were falling in trading this morning after weeks of strong gains. The Associated Press
The average price of a gallon of regular unleaded gas seesawed back down 3 cents over the past week to $3.18 as of this morning, following a 5-cent hike the week previous. That's according to the latest data from the AAA Daily Fuel Gauge Report, which tracks fuel prices across the United States. While local gas prices are down slightly in recent weeks, they remain 16 cents higher than they were one month ago. Compared to the same week one year ago, gas is going for about a dime cheaper per gallon. The Baton Rouge average today is 2 cents lower than the Louisiana average of $3.20 and 12 cents lower than the national average of $3.30. You can check out the complete AAA Daily Fuel Gauge Report here for gas prices info in every state and major metro area in the country.
The average gallon of regular unleaded gas is going for $3.21 in Baton Rouge this morning, up 5 cents from a week ago—and 15 cents from a month ago. That's according to today's AAA Daily Fuel Gauge Report, which tracks average gas prices in metro areas throughout the country. The Baton Rouge average remains one penny below the Louisiana average of $3.22—which is 4 cents higher than a week ago and 13 cents higher than a month ago. The U.S. average is at $3.30 this morning, up 1 cent from a week ago and 3 cents from a month ago. Despite the recent increases, gas prices are expected to fall about 5% on average in 2013, according to a recent Energy Department forecast. But as MSN reports, that still places the U.S. average—expected to be at $3.44 per gallon—well above the $3-a-gallon mark, and the third-highest average fuel price ever. Still, it is 19 cents...
Hamburger, health care and taxes are all set to take a bigger bite out of the family budget this year—but at least gasoline should cost you less in 2013 than it did last year. Drivers' annual gas expenditures are expected to drop for the first time in four years. Forecasters say ample oil supplies and weak U.S. demand will keep a lid on prices. The lows will be lower and the highs won't be so high compared with a year ago. The average price of a gallon of gasoline nationwide will fall 5% to $3.44, according to the U.S. Energy Department. "Everything is lining up to lead to softer prices this year," says Tom Kloza, chief oil analyst at the Oil Price Information Service. That would still be the third-highest average price ever. But a discount of 19 cents per gallon from 2012 would save the typical household an estimated $205 this year and free up $25 billion that could go instead to restaurants, malls or movie theaters—the kind of consumer spending that accounts for 70% of...
U.S. drivers are hoping 2013 doesn't start off like 2012 at the gas pump. So far, so good. The average price of a gallon of regular, unleaded gas is averaging $3.30—up only about half a penny since Jan. 1. A year ago, gas rose about 10 cents in the first week or so because of a jump in oil prices, and it nearly hit $4 in early April. In Baton Rouge, prices are even lower; at $3.16 per gallon as of today, according to the AAA Daily Fuel Gauge. Local prices are up 3 cents from a week ago, but down 8 cents from a year ago. Oil prices should dictate what happens next with pump prices. Economic factors affecting oil are mixed—economies in the U.S. and China are showing modest improvement, while Europe remains in recession. The wild card is the Middle East. In the past two years, threats to shipments of oil from the region drove crude prices higher during the...
Retail gasoline in the United States has fallen to its lowest price in a year as refineries have restored production and stockpiles have risen to an eight-month high, blunting criticism of President Barack Obama's energy policies. The national average for a gallon of regular unleaded gas dropped 9.5 cents Monday, or 2.8% from a week earlier, to $3.254 a gallon—the lowest since Dec. 19, 2011, according to data posted on the Energy Department's website. Crude prices, by comparison, are up 2.2% from a week ago in New York. "Retail gasoline has been falling faster than crude prices have," David Hackett, president of independent fuel consultant Stillwater Associates in Irvine, Calif., tells Bloomberg in a telephone interview. "The real story here is that gasoline inventories have built across the board." In Baton Rouge, gas prices have fallen to an average of $3.02 per gallon this morning, down a penny from Monday and nine cents lower than a week ago, according to the AAA...
Cash registers ringing: Americans spent more online in November to start the holiday season and began to replace cars and rebuild in the Northeast after Superstorm Sandy. It all contributed to a 0.3% rise in U.S. retails sales in November compared to the month previous, the Commerce Department reports this morning. That offset a 0.3% decline in October from September. More details from the report are in the full story here.
At $3.12, the average price of a gallon of regular unleaded gas is 4 cents lower today than it was a week ago in Baton Rouge, according to the AAA Daily Fuel Gauge Report. Local gas prices are now 8 cents lower than they were two weeks ago and 11 cents lower than they were a month ago. Nonetheless, they remain 2 cents higher than they were a year ago. The average price across Louisiana is at $3.14 this morning, down 5 cents on the week and 12 cents on the month—but up one penny from a year ago. Local and state averages continue to trend below the national average of $3.34 per gallon, which is down 4 cents on the week and 10 cents on the month. Yet the national average this morning is 6 cents higher than it was a year ago. You can check out the complete AAA Daily Fuel Gauge report here.
Last year was a record-setting harvest for sugarcane farmers in Louisiana, and this year's harvest is thus far on pace to match that output: 226 pounds of sugar processed from each ton of stalks cut. Troy Mistretta is harvesting 43 tons of sugarcane per acre on his 2,000-acre Mistretta Farms in White Castle, with a yield of nearly 10,000 pounds of processed sugar per acre. "I call that 'five-digit cane,' " says Kenneth Gravois, a sugarcane specialist with the LSU AgCenter Research & Extension. Mistretta says good rainfall this summer—including the downpour brought on by Hurricane Isaac (which also had weak “back-end” winds that left the crop standing)—is the primary reason for high-sucrose concentration in this year's crop. However, a big harvest and high sucrose concentration has also pushed prices of harvested sugarcane down to $0.23 per pound, from an average of $0.32. And there's no way to store unprocessed sugarcane because its fibers begin to break down...
The average gallon of regular unleaded gas is selling for $3.20 in Baton Rouge this morning, according to the AAA Daily Fuel Gauge. That's about 2 cents more than the average price per gallon one week ago, but 20 cents lower than it was one month ago. A year ago, gas was selling for 13 cents less per gallon than it is today. The state average this morning is $3.22 per gallon, up one penny on the week. The U.S. average, at $3.42 per gallon, is also one cent higher than it was a week ago. Baton Rouge gas prices have consistently tracked slightly below the state average in recent months and have been trending downward in recent weeks. Baton Rouge gas prices hit a historical high of $3.99 per gallon on July 18, 2008. You can check out the Daily Fuel Gauge here.
As the holiday week kicks off, Baton Rougeans can be thankful for a little cheaper gas than they've been used to getting in recent weeks. The average price of a gallon of regular unleaded gas is selling for $3.18 as of this morning, according to the AAA Daily Fuel Gauge Report. That's down 3 cents from a week ago and 35 cents from a month ago. However, it's almost identical to what people were paying at the pump in Baton Rouge as Thanksgiving approached last year. One year ago, gas was going for one penny more per gallon on average locally—$3.19. Nonetheless, Baton Rouge's average price today is a few cents lower than the Louisiana average of $3.21, and the U.S. average of $3.41. You can take a look at AAA's complete Daily Fuel Gauge Report online here. Meanwhile, AAA is also cautioning those planning to take the highways this week for the holiday to expect...
The turkey, sweet potatoes, stuffing and pumpkin pie you might be planning for your Thanksgiving feast this year have all gone up in price since last year. And while the price of cranberries, rolls, whipping cream and pie shells have all decreased, they haven't gone down enough to offset the increases of other traditional Thanksgiving staples. So when it's all said and done, the typical Thanksgiving dinner in Louisiana will end up costing about $44.35 for 10 people—an increase of 13.2% over last year—according to a new LSU AgCenter survey. "That's an increase of $5.16 from last year's Baton Rouge average of $39.19," says LSU AgCenter family economist Jeanette Tucker. The annual survey was once again based on an American Farm Bureau Federation shopping list that includes turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, and beverages of coffee and milk, all in quantities sufficient...
Gas prices have been trending downward in recent weeks—locally and nationally—and last week was no exception. As of this morning, a gallon of regular unleaded gas was selling for $3.28 on average in Baton Rouge, according to AAA's Daily Fuel Gauge Report. That's down 9 cents from a week ago—and down 25 cents from a month ago. However, it's still four cents higher than average prices during the same week last year. Baton Rouge's average remains below the Louisiana average of $3.31 per gallon, as well as the U.S. average of $3.47. The state average price slipped 8 cents on the week and is down 26 cents from a month ago. The U.S. average today is down 7 cents from a week ago, and down 33 cents from a month ago. Check out the complete Daily Fuel Gauge Report here.
Last week marked the second in a row that Baton Rouge drivers got a pretty significant break at the gas pump. The average price of a gallon of unleaded regular gas fell 11 cents from Monday, Oct. 22, through today, according to the AAA Daily Fuel Gauge Report. Gas prices also fell 8 cents over the week prior to that. As of this morning, Baton Rouge prices are averaging $3.37 per gallon. One month ago, the average price in Baton Rouge was $3.56 a gallon. However, today's prices are still 9 cents higher than the $3.28 per gallon motorists in Baton Rouge were paying a year ago. Nonetheless, the local average remains below the $3.39 state average and the $3.54 national average. Check out the complete Daily Fuel Gauge Report here.
The average price of a gallon of unleaded regular gas has decreased 8 cents in Baton Rouge over the past week, according to AAA Daily Fuel Gauge Report. As of this morning, gas is selling for $3.48 a gallon in the city, down from $3.56 a week ago. One month ago, gas was selling locally for $3.62 on average. But while $3.48 a gallon might look good compared to a week or month ago, it's still 16 cents higher than the $3.32 per-gallon-average of one year ago. Baton Rouge prices today remain below the state average of $3.50 per gallon and the national average of $3.66. However, all those averages could see significant decreases in coming weeks. USA Today is reporting this morning that average gas prices across the country could fall by as much as 50 cents a gallon in the near future due to rising inventory and lower demand. "Most of the country is heading appreciably lower the next few weeks,'' says Tom Kloza, of the Oil Price Information Service, who predicts retail prices will...
If you're planning on filling up in Baton Rouge today, you'll probably pay somewhere around $3.56 for a gallon of regular unleaded gas. According to AAA's Daily Fuel Gauge Report, today's average is 3 cents more than the Baton Rouge average a week ago. It's also a dime less than a month ago, but 23 cents higher than a year ago. Baton Rouge's average is 2 cents lower than the state average of $3.58 a gallon, which is 20 cents lower than the national average. Nationally, the $3.78 per gallon Americans are paying today is 3 cents less than they paid a week ago and 8 cents less than they paid a month ago—but 33 cents more than they paid a year ago. The highest average gas price in Baton Rouge was set on July 18, 2008, when a gallon of regular unleaded sold for $3.99. The U.S. average peaked a day previous at $4.11.
Cheap natural gas is fueling optimism in the petrochemical and industrial construction sectors, leading economists Loren Scott and Jim Richardson to predict the Capital Region will add about 5,000 jobs (+1.4%) in 2013 and about 4,000 jobs (+1.1%) in 2014. In their report "The Louisiana Economic Outlook: 2013 and 2014," released this afternoon at Business Report's Top 100 Luncheon, Scott and Richardson count at least $4.1 billion in projects announced or under way in the area, while also mentioning several potential projects that could be worth hundreds of millions—if not billions more. However, the optimism is tempered by the prospect of state government job reductions and the disappointing results so far in the Tuscaloosa Marine Shale, where more than a million acres have been leased by exploration companies but only a handful of producing wells have been drilled. The chemical sector's competitive advantage might be threatened if hydraulic fracturing, or "fracking,"...
This year is on track to be the most expensive ever for American drivers, as gasoline prices soared to all-time highs for September, the fifth record-breaking month in 2012, according to AAA. U.S. drivers paid an average $3.83 per gallon of regular gasoline last month, surpassing the previous September record of $3.72, set in 2008. Given ongoing social unrest in the Middle East and refinery troubles in the United States, fuel-price trackers say motorists' wallets will be pinched through the rest of the year. Gas hit a $3.78 per gallon U.S. average price on Monday—16 cents higher than the previous record for the date on Oct. 1, 2008; in fact, pump prices have been at record levels for 43 days straight. "They'll break daily records through the end of this year," predicts Michael Green, AAA spokesman. "There have been a whole host of refinery issues this year. With the combination of high oil prices and low gas supplies, we are really seeing prices rise." The highest U.S. gasoline...
Take a deep breath and relax, bacon-lovers, it appears fears of a worldwide bacon shortage may be hogwash. At least that’s what U.S. agricultural experts are saying in response to a trade group in Europe that last week declared a bacon shortage was “unavoidable,” citing a sharp decline in the continent’s pig herd and drought-inflated feed costs. The American Farm Bureau Federation is dismissing the claim as “baloney.” “Use of the word ‘shortage’ caused visions of (1970s-style) gasoline lines in a lot of people’s heads, and that’s not the case,” says Steve Meyer, president of Iowa-based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board. “If the definition of shortage is that you can’t find it on the shelves, then no, the concern is not valid. If the concern is higher cost for it, then yes.” The economics of the current drought are likely to nose up...
If there was going to be a drop in gasoline prices in coming weeks, as suppliers shift from summer blends to winter blends, Hurricane Isaac may have expedited the process. The onset of fall typically coincides with a small reduction in gas prices around the country as suppliers begin delivering winter-grade gas between Sept. 15 and Oct. 1. But Isaac caused the issuance of waivers in the state for early deliveries of winter-grade fuel after gas stations ran dry and refineries shut down for days after the storm landed Aug. 29, says the state Department of Environmental Quality. If service stations haven't already received winter-grade gas, then "they will be getting the winter blend when they get their next shipment," says DEQ spokesman Rodney Mallett. John Felmy, a chief economist with the American Petroleum Institute, says winter-grade gasoline is typically cheaper because it requires fewer additives to prevent evaporation and increased air pollution. However, Felmy adds that...
A prediction that the price of oil could rise 50% this decade as global demand exceeds supply has drawn no shortage of opinions from people with professional interest in the matter, The Houston Chronicle reports. A Barclays research report issued last week asserted that oil produced from shale and other formations won't be sufficient to meet growing global demand as production from older fields declines. Barclays forecasts the shortfall could push prices for Brent crude, the global benchmark, to $125 a barrel sometime next year and possibly to $180 by 2020. Brent rose $1.23 to $115.80 a barrel in Monday trading on the London-based ICE Futures Europe exchange. U.S. benchmark crude finished at $96.47 in Friday trading, with the markets closed Monday for Labor Day. Challenging the notion that "sluggish economic performance plus shale oil must equal a rapidly loosening market," Barclays observes that "While oil output is strong in the U.S., it has slumped elsewhere." While some...
For all the complaints about U.S. gas prices, Americans spent 63% less at the pump in July than Norwegians did on a gallon of the fuel—and the U.S. ranks 49th among 60 countries for average gas expenditures in a new data analysis published by Bloomberg. Premium gasoline was selling for $3.75 a gallon on July 23 in the United States, compared with $10.12 in top-ranked Norway. The U.S. price was behind Japan, China and India—the last being a country where people earn 2.9% of what Americans do, on average. Drivers in America, the biggest oil-consuming country, spend an average of 2.8% of their daily income on a gallon of gasoline, 55th in the ranking. In India, a gallon of premium gasoline costs 37% more than what a worker earns in one day. In Norway, which has the second-highest income on the list, lower only than Luxembourg, a gallon cost 3.7% of a day's wages. U.S. prices dropped 11% from three months earlier as domestic oil production reached a 13-year high. "One...
Gas became such a high-value commodity Monday in Baton Rouge, even the most expensive gas stations were selling out of regular and premium before evening set in. LaRouge Mart on Jefferson Highway, which is listed at GasBuddy.com as selling regular gas at $3.89 over the last 48 hours, says it ran out of regular fuel by 4 p.m. The premium tapped out by 5 p.m. Lines at gas stations were commonplace throughout Baton Rouge Monday and remain so this morning. "We saw this four years ago, with [Hurricane] Gustav," says Gregg Laskoski, a senior petroleum analyst at GasBuddy.com who is based in Tampa Bay, Fla. Exacerbating the problem, Laskoski says, is consumer panic. Buyers are topping off tanks and parking the car in the driveway—where it might sit for the duration of the storm. The average price of gas in Louisiana rose from $3.60 on Sunday to $3.65 today, Laskoski says. "I think they're going to increase because of disruptions to the supply side," Laskoski says. Refineries in the...
The price of oil is falling this morning after the head of the European Central Bank disappointed investors by failing to take immediate action to prop up the euro zone economy. ECB President Mario Draghi said last week that he would do "whatever it takes" to save the euro. Draghi was expected to quickly back that up with a plan to spark spending and borrowing in the European Union. So far he hasn't delivered. In a speech today, Draghi suggested the ECB could buy bonds to lower borrowing costs for European countries, but he offered no specific measures. Benchmark crude gave up $1.04 on the news, to $87.87 per barrel, while Brent crude rose 23 cents to $106.19 per barrel in London. Retail gasoline prices across the United States rose 1.3 cents to $3.53 per gallon. Since mid-June, motorists in Baton Rouge have seen prices rise about 20 cents per gallon. As of this morning, the local average was $3.39 per gallon, according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which...
Rising tensions in the Middle East have pushed oil prices sharply higher over the past three weeks, forcing drivers to pay more at the pump. Crude rose $2.66, about 3%, to $92.53 per barrel today, crossing above $92 for the first time since late May. The price has risen about $15 per barrel since oil hit its low for the year three weeks ago. The national average price of gasoline is now $3.44 per gallon, up 11 cents since July 1. In Baton Rouge, the average today was $3.21, according to BatonRougeGasPrices.com. The oil market, responding to a series of events in recent days, is concerned once again that Iran will try to block oil shipments through the Strait of Hormuz, a narrow waterway in the Persian Gulf through which one-fifth of the world's oil travels every day. "It's raised the fear quotient," says Tom Kloza, chief oil analyst at the Oil Price Information Service. If oil buyers worry that oil will soon be in short supply, they...
Gas prices are once again on the rise after weeks of steady declines, but a new analysis of where our money goes once we pump it into gas stations shows that station owners don't really see their profits rise with the prices. For every $50 fuel purchase—regardless of the price per gallon—gas station owners take home a measly $1, or a little more than 2%, according to calculations by financial analysis company Sageworks. Visa or MasterCard make even more, Sageworks says: about $1.25—or 2.5%—off every $50 gas purchase. According to the research, the price of crude oil accounts for 61.5% of the cost of gasoline at the pump, or about $30.75 of that $50 purchase. Refining crude oil into gasoline accounts for about 14% of the purchase price, while delivery costs add up to about 8% and taxes 12%. The U.S. Energy Information Administration also puts out its own breakdown of gas prices, and theirs isn't too far off Sageworks' analysis. According to the administration,...
The United States is at risk of relying too much on natural gas as transportation, manufacturing and electric-power industries vie for the cheap fuel, top executives of three power utilities tell Bloomberg. While greater use of gas instead of coal for generation cuts air pollution and carbon-dioxide emissions linked to climate change, the executives say the nation needs a diverse fuel mix to hedge against cost increases in any one source. "Having one focus is never good, just like a portfolio having one stock," says Michael Yackira, chief executive officer of Las Vegas-based NV Energy Inc. Energy companies are developing vast reserves of natural gas by hydraulic fracturing underground to push gas out of shale rock. The process, also called fracking, has sent gas prices down about 38% over the past year, benefiting industries that use the fuel in production, such as chemical manufacturers. The three executives with whom Bloomberg recently sat down disagree on whether the...
Over the past two weeks, U.S. oil prices have regained about one-third of the $30 a barrel they lost in late June, and it appears the rebound is having an effect on end prices at the pump. The average price of a gallon of unleaded gas rose 7.5 cents on the week in Baton Rouge, according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which tracks average prices at 250 cities throughout the country. As of this morning, local prices were averaging $3.18 a gallon, which was still well below the $3.42 national average. Compared to a year ago this week, prices are also about 38 cents lower in Baton Rouge, and are down a little over 3 cents compared to last month. The national average has decreased about 25 cents on the year and is down 11 cents from a month ago. "Those who stuck around the low gas price party expecting it to last have realized they're out in the cold," says GasBuddy.com senior petroleum analyst Patrick DeHaan. "Oil prices are well off their recent lows, and...
World oil prices reached a record high in 2011 despite normal demand growth and an increase in crude supplies from Saudi Arabia, according to BP's annual world energy report, released today. As The Houston Chronicle reports, revolutions and political unrest in Libya and some oil-rich Arabian countries contributed to a 40% increase in the average annual world Brent price of crude. The price rose to $111.26 per barrel, exceeding $100 per barrel for the first time in history, according the report. That info also comes from BP's 61st Statistical Review of World Energy, an analysis of the global dynamics impacting energy supplies and demand during 2011. Global oil consumption grew by just 0.7%, and economic troubles in Europe and the United States led to a 0.8% drop in energy demand in developed countries in 2011. Renewable power generation grew by 17.7%, with wind dominating the expansion. Meanwhile, federal officials predict fewer oil disruptions during this year's hurricane...
Baton Rouge was the 98th most-searched real estate market in the United States during May, based on data released today by the National Association of Realtors. The data also shows median list prices in Baton Rouge increased to $177,900, or 1.65%, during the month compared to last year. That's also slightly more than a 1% climb from April. The national median list price in May was $194,900, a better than 3% increase compared to the month a year ago. Inventory of homes in Baton Rouge leveled out to 3,513 in May, a 16% year-over-year decline. As sharp a drop as that is, national inventory fell at the steeper rate of 20%. The average home on the Baton Rouge market had been listed for 85 days in May, a roughly 4.5% drop from April. The national average was two days fewer, a decline of about 1% from the month previous. To read NAR's complete May report on all 146 metros it monitors, click here. A summary...
The average price of domestic oil and gasoline will be less than previously forecast through the remainder of 2012 because of weak demand and increased world supplies, the U.S. Energy Information Administration says. The Houston Chronicle reports the price of West Texas Intermediate crude—which is used as a benchmark for domestic oil—will be about $95 a barrel through the remainder of the year. That's $11 lower than a price projection reported last month, the administration says in its latest short-term energy outlook. Gasoline prices will also be lower than previously forecast, down from $3.79 for a gallon of regular to $3.60, because of the decline in oil prices, according to the outlook. WTI prices fell dramatically from $106 a barrel on May 1 to $83 on June 1 as concerns have grown about low oil demand in a weak world economy, the administration says. Oil production has outpaced consumption so far this year, a trend that's expected to continue. Global oil and...
Ali Fini might not have the cheapest gas around, but he claimed he was selling it in mid-May at a loss of 6 cents per gallon at Tiger Express on Lee Drive to move beer and cigarettes.
The average price of a gallon of regular, unleaded gas fell by 7.3 cents in Baton Rouge over the past week, and was averaging $3.35 as of Memorial Day—30 cents lower than the national average of $3.65—according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which tracks average prices at cities throughout the country. The drop also brought local prices 28.9 cents lower than they were a year ago and 30.6 cents lower than a month ago. The national average dropped 15.7 cents over the past month and is down 13.4 cents compared to a year ago. The price peak for national average gas prices occurred sooner than GasBuddy.com predicted in January, happening on April 5 at $3.92 per gallon, rather than between $3.75 and $4.15. According to the website, some of the lowest gas prices in the Baton Rouge area are between $3.21 and $3.27 per gallon, while some of the highest are between $3.49 and $3.84 per gallon. Check out the website
B.R. gas prices rise but remain among lowest in U.S.
For the second straight week, the average price of a gallon of regular, unleaded gasoline has risen slightly in Baton Rouge, according to the AAA Daily Fuel Gauge. Nonetheless, at $3.29 as of this morning—an increase of 5 cents on the week, following a penny rise the week previous—motorists in the Capital Region are still enjoying some of the lowest prices in the country. Just four states in the U.S. have a slightly lower average than Baton Rouge: Alabama, Mississippi, South Carolina and Tennessee. The increases over the past two weeks were preceded by price declines for nine consecutive weeks. The Baton Rouge average one month ago was 4 cents higher than today, and the average a year ago was 25 cents higher. The Louisiana average this morning is $3.31, up 4 cents from a week ago but down 6 cents from a month ago. A year ago, the average price in Louisiana was $3.55. The U.S. average today is $3.57, up 5 cents on the week and 3 cents on the month—but down 15 cents...
Baton Rouge home prices near new peak
According to a report in USA Today citing data from real estate tracker Lender Processing Services, Baton Rouge is among a handful of housing markets in the country that are at or near previous price peaks. Like most of the cities at or near a peak, the report says, Baton Rouge never saw prices plummet during the recession. Of the cities within 5% of their previous peaks, none saw more than an 11% decline in home values from mid-2006 to the market's bottom in early 2012, LPS data shows. Nationally, prices fell almost 28% during that time. Baton Rouge is also said to be among a number of cities in which job growth in particular is fueling home price increases. The report notes that the Capital Region "posted stronger annual job growth than the national average of 1.4%," citing Bureau of Labor Statistics data. You can find the full story here. According...
B.R. gas prices post penny rise to end nine-week slide
After posting decreases in each of the nine weeks previous, the average price of a gallon of regular, unleaded gas ended its downward trend last week, according to the AAA Daily Fuel Gauge Report. At $3.24 as of this morning, the average price is one penny more than it was a week ago. However, it's still 15 cents lower than a month ago, and about 40 cents lower than it was when it started a period of steady reduction more than two months ago. One year ago this week, the Baton Rouge price was $3.61. The Baton Rouge average is now 3 cents lower than the Louisiana average and 28 cents lower than the national average. You can check out the complete AAA Daily Fuel Gauge Report here.
B.R. gas prices dip 9th week in a row
With another 3-cent drop over the past week, the average price of a gallon of regular, unleaded gas has now fallen for nine straight weeks in Baton Rouge. Gas is selling for $3.23 as of this morning, according to the AAA Daily Fuel Gauge Report. That's about 11.5% less than it was selling for—$3.65—when it began to trickle down more than two months ago. One month ago, the local average was $3.44, and one year ago it was $3.69. The Baton Rouge average continues to be less than the Louisiana average, $3.28, and the U.S. average, $3.50. AAA attributes falling prices across the country in recent weeks to "low demand, continued disappointing economic news and lower crude oil prices." You can check out the complete AAA Daily Fuel Gauge Report here.
Survey: Most Americans resigned to paying more at the pump
It appears that years of gas prices above $3 a gallon have altered Americans' perceptions of how high is too high. According to a new AAA survey, half of U.S. adults consider the price of gas to be "too high" when it reaches $3.44 a gallon, indicating that's about the breaking point at which drivers will begin to drive less or spend less elsewhere due to the price at the pump. "It was not long ago that motorists were shocked to pay more than $3 per gallon for gasoline, but now that is standard at stations nationwide," says AAA President and CEO Robert Darbelnet. "It is possible there is a new normal in terms of consumer attitudes now that gas prices have remained above $3 per gallon for more than two years. Most people have resigned themselves to paying higher gas prices." You can find more results from the AAA survey here. In Baton Rouge, gas...
B.R. gas prices fall another 5 cents on the week
For the past two months now, the average price of a gallon of regular, unleaded gas has trickled down each week in Baton Rouge, according to the AAA Daily Fuel Gauge Report. As of this morning, a gallon was selling for $3.26, which is 5 cents lower than a week ago and 23 cents lower than a month previous. Eight weeks ago, when the current decline in prices began, gas was selling for $3.65 a gallon. A year ago, it was at $3.74. The local average remains 4 cents lower than the Louisiana average, and 25 cents lower than the U.S. average. According to a report in USA Today, the national average is expected to fall another 20 cents a gallon by Memorial Day. When it comes to gas prices, what goes up usually goes up—particularly in heavier spring and summer driving seasons. But not this year. "To see this much weakness in demand for this time of the year is pretty eye-opening,'' says Patrick DeHaan, senior energy analyst at price-tracker gasbuddy.com. "You can attribute some of...
Gas prices continue slide in Baton Rouge
Paying on average $3.31 for a gallon of regular, unleaded gas as of this morning, Baton Rouge area motorists have now enjoyed decreasing fuel prices for seven weeks straight, according to the AAA Daily Fuel Gauge. Today's average is 6 cents lower than a week ago and 21 cents lower than a month ago. A year ago, gas was selling for an average of $3.79 a gallon, or 48 cents more than today. Southern states continue to see lower gas prices than do many states elsewhere in the nation, and Louisiana is no exception. At $3.35 a gallon this morning, the state average is down 6 cents from last week, 20 cents from last month, and 45 cents from last year. The U.S. average declined 7 cents from last week to $3.52 as of this morning. One month ago, Americans were paying 16 more cents per gallon on average; and one year ago, 38 cents more. Analysts are forecasting that gas prices will begin to rise in the coming months as summer—the peak driving season—approaches. However, summer...
La. named among 10 states with 'plunging' gas prices
On a list of 10 states in which gas prices at the pump have fallen the most over the past year by percentage, Louisiana is ranked No. 9, USA Today reports. As of April 1, Louisiana drivers were paying the 10th-lowest price in the United States for a gallon of regular, unleaded gas: $3.47. This morning in Baton Rouge, the average price is lower than the week previous for the sixth straight week, according to the AAA Daily Fuel Gauge. At $3.37, the Baton Rouge average is 6 cents lower than a week ago, 19 cents lower than a month ago and 44 cents lower than a year ago. The full AAA Daily Fuel Gauge can be found here. Nationwide, March gasoline prices fell for the first time in 10 years. AAA predicts the average price of gas in 2013 will be lower than 2012's average of $3.60 a gallon—the highest AAA has ever recorded. Among the reasons for the drop are that...
B.R. gas prices trickle down for fifth straight week
For the fifth straight week, gas prices fell by a few cents over the past seven days, according to the AAA Daily Fuel Gauge. As of this morning, a gallon of regular, unleaded gas was selling for an average of $3.43, down 4 cents on the week. The slow trickle down began at the end of February, when prices had been steadily rising for more than a month and a gallon of gas was selling for about 25 cents more compared to today. Last year at this time, gas was selling for $3.79 in the Baton Rouge metro area. The local average continues to remain below both the state and national average. The Louisiana average is at $3.46 at the start of April, which is 4 cents lower than a week ago, 16 cents lower than a month ago and 34 cents lower than a year ago. The U.S. average is at $3.63 this morning, down 3 cents on the week and 12 cents on the month. A year ago, the U.S. average was $3.92. You can see the complete report
Gas prices fall 4 more cents in B.R.
After steady rises throughout the first two months of the year, gas prices in Baton Rouge have now trickled down for four straight weeks, according to the AAA Daily Fuel Gauge. As of this morning, a gallon of regular unleaded gas is selling for an average of $3.49 in Baton Rouge, down 4 cents compared to the average price a week ago. One month ago, the average local price was $3.65 per gallon, and gas is now selling for 27 cents less than it was at this time last year. The AAA Daily Fuel Gauge tracks prices in metro areas across the United States. The Louisiana average as of this morning is $3.50, down 3 cents on the week and 16 cents on the month. The U.S. average is $3.66, which is an increase of 2 cents on the week, but a decrease of 12 cents compared to a month ago. Hawaii is paying the highest average price in America, at $4.39. Wyoming motorists are paying the lowest average price in the country, $3.32. You can check out the complete report
B.R. gas prices dip slightly for second straight week
For the first time since December, gas prices in Baton Rouge have decreased for two weeks straight. As of this morning, a gallon of regular, unleaded gas was selling for an average of $3.54 in Baton Rouge, according to the AAA Daily Fuel Gauge report. That's 4 cents lower than a week ago and 9 cents lower than two weeks ago. Nonetheless, motorists in the Capital Region are still paying 16 cents more per gallon than they were a month ago. The local average is 8 cents lower than it was one year ago. The Louisiana average as of this morning is 2 cents higher than the Baton Rouge average, at $3.56. That represents a decline of 5 cents on the week, but it's still 18 cents higher than a month ago. The national average is $3.69, also down 5 cents on the week but up 12 cents from a month ago. A year ago today, the U.S. average was 10 cents higher. You can check out the complete report
B.R. gas prices rise for fourth straight week
As of this morning, the average price for a gallon of regular unleaded gas in Baton Rouge is $3.54—16 cents higher than it was just one week ago. It marks the fourth straight week that local gas prices have risen, according to the AAA Daily Fuel Gauge Report. One month ago, gas was selling for $3.19 in Baton Rouge. One year ago, it was selling for $3.48 locally. The average price for a gallon of diesel has also risen sharply in Baton Rouge, and is at $3.97 this morning—a dime more than a week ago and a quarter more than one month ago. The Louisiana average for a gallon of regular unleaded gas is at $3.56 this morning, which is 17 cents higher than a week ago, 35 cents higher than a month ago, and 7 cents higher than a year ago. However, the local and state averages remain below the national average of $3.73 for a gallon of regular gasoline. The national average is 15 cents higher than a week ago, 43 cents higher than a month ago, and 18 cents higher than a year ago. You...
B.R. gas prices continue to climb
Another week, another nickel. After spiking 13 cents the week previous, the price of a gallon of regular unleaded gas in Baton Rouge rose by another 5 cents over the past week. As of this morning, Baton Rouge motorists are paying about $3.38 a gallon. That's 17 cents more per gallon than they were paying one month ago, but it's still 6 cents cheaper compared to last year at this time. Baton Rouge's average price is now just a penny below the state average of $3.39—which is also up 5 cents on the week. The state average is also lower than the national average of $3.58, up 6 cents over the past week. U.S. average prices have climbed 27 cents over the past month and are 8 cents higher this morning than they were one year ago. You can check out the complete AAA Daily Fuel Gauge Report here for gas price information from every state and major metro area in the...
Baton Rouge gas prices spike
The average price of a gallon of regular unleaded gas rose by 13 cents over the past week to $3.31 as of this morning, according the AAA Daily Fuel Gauge Report. Over the past two weeks, gas has now risen 15 cents per gallon. Today's average is 18 cents higher than it was one month ago but is still six cents lower compared to a year ago. Baton Rouge's average price remains just below the state average of $3.34 (also up 13 cents on the week), which is also lower than the national average of $3.52 (up 3 cents on the week). You can check out the complete AAA Daily Fuel Gauge Report here for gas price information from every state and major metro area in the country. Meanwhile, while oil prices were falling in trading this morning after weeks of strong gains. The Associated Press
B.R. gas prices fall 3 cents on the week
The average price of a gallon of regular unleaded gas seesawed back down 3 cents over the past week to $3.18 as of this morning, following a 5-cent hike the week previous. That's according to the latest data from the AAA Daily Fuel Gauge Report, which tracks fuel prices across the United States. While local gas prices are down slightly in recent weeks, they remain 16 cents higher than they were one month ago. Compared to the same week one year ago, gas is going for about a dime cheaper per gallon. The Baton Rouge average today is 2 cents lower than the Louisiana average of $3.20 and 12 cents lower than the national average of $3.30. You can check out the complete AAA Daily Fuel Gauge Report here for gas prices info in every state and major metro area in the country.
B.R. gas prices up 5 cents on the week
The average gallon of regular unleaded gas is going for $3.21 in Baton Rouge this morning, up 5 cents from a week ago—and 15 cents from a month ago. That's according to today's AAA Daily Fuel Gauge Report, which tracks average gas prices in metro areas throughout the country. The Baton Rouge average remains one penny below the Louisiana average of $3.22—which is 4 cents higher than a week ago and 13 cents higher than a month ago. The U.S. average is at $3.30 this morning, up 1 cent from a week ago and 3 cents from a month ago. Despite the recent increases, gas prices are expected to fall about 5% on average in 2013, according to a recent Energy Department forecast. But as MSN reports, that still places the U.S. average—expected to be at $3.44 per gallon—well above the $3-a-gallon mark, and the third-highest average fuel price ever. Still, it is 19 cents...
Gasoline prices predicted to fall in 2013
Hamburger, health care and taxes are all set to take a bigger bite out of the family budget this year—but at least gasoline should cost you less in 2013 than it did last year. Drivers' annual gas expenditures are expected to drop for the first time in four years. Forecasters say ample oil supplies and weak U.S. demand will keep a lid on prices. The lows will be lower and the highs won't be so high compared with a year ago. The average price of a gallon of gasoline nationwide will fall 5% to $3.44, according to the U.S. Energy Department. "Everything is lining up to lead to softer prices this year," says Tom Kloza, chief oil analyst at the Oil Price Information Service. That would still be the third-highest average price ever. But a discount of 19 cents per gallon from 2012 would save the typical household an estimated $205 this year and free up $25 billion that could go instead to restaurants, malls or movie theaters—the kind of consumer spending that accounts for 70% of...
Gas prices staying down as 2013 starts
U.S. drivers are hoping 2013 doesn't start off like 2012 at the gas pump. So far, so good. The average price of a gallon of regular, unleaded gas is averaging $3.30—up only about half a penny since Jan. 1. A year ago, gas rose about 10 cents in the first week or so because of a jump in oil prices, and it nearly hit $4 in early April. In Baton Rouge, prices are even lower; at $3.16 per gallon as of today, according to the AAA Daily Fuel Gauge. Local prices are up 3 cents from a week ago, but down 8 cents from a year ago. Oil prices should dictate what happens next with pump prices. Economic factors affecting oil are mixed—economies in the U.S. and China are showing modest improvement, while Europe remains in recession. The wild card is the Middle East. In the past two years, threats to shipments of oil from the region drove crude prices higher during the...
Average price at U.S. pumps falls to lowest level in a year
Retail gasoline in the United States has fallen to its lowest price in a year as refineries have restored production and stockpiles have risen to an eight-month high, blunting criticism of President Barack Obama's energy policies. The national average for a gallon of regular unleaded gas dropped 9.5 cents Monday, or 2.8% from a week earlier, to $3.254 a gallon—the lowest since Dec. 19, 2011, according to data posted on the Energy Department's website. Crude prices, by comparison, are up 2.2% from a week ago in New York. "Retail gasoline has been falling faster than crude prices have," David Hackett, president of independent fuel consultant Stillwater Associates in Irvine, Calif., tells Bloomberg in a telephone interview. "The real story here is that gasoline inventories have built across the board." In Baton Rouge, gas prices have fallen to an average of $3.02 per gallon this morning, down a penny from Monday and nine cents lower than a week ago, according to the AAA...
News roundup: American retail sales rose 0.3% in November … Google Maps app returns to iPhone three months after removal by Apple … Drivers cutting gasoline use, despite price drop
Cash registers ringing: Americans spent more online in November to start the holiday season and began to replace cars and rebuild in the Northeast after Superstorm Sandy. It all contributed to a 0.3% rise in U.S. retails sales in November compared to the month previous, the Commerce Department reports this morning. That offset a 0.3% decline in October from September. More details from the report are in the full story here.
B.R. gas prices continue downward trend
At $3.12, the average price of a gallon of regular unleaded gas is 4 cents lower today than it was a week ago in Baton Rouge, according to the AAA Daily Fuel Gauge Report. Local gas prices are now 8 cents lower than they were two weeks ago and 11 cents lower than they were a month ago. Nonetheless, they remain 2 cents higher than they were a year ago. The average price across Louisiana is at $3.14 this morning, down 5 cents on the week and 12 cents on the month—but up one penny from a year ago. Local and state averages continue to trend below the national average of $3.34 per gallon, which is down 4 cents on the week and 10 cents on the month. Yet the national average this morning is 6 cents higher than it was a year ago. You can check out the complete AAA Daily Fuel Gauge report here.
Sugarcane crop on pace to match last year's record harvest
Last year was a record-setting harvest for sugarcane farmers in Louisiana, and this year's harvest is thus far on pace to match that output: 226 pounds of sugar processed from each ton of stalks cut. Troy Mistretta is harvesting 43 tons of sugarcane per acre on his 2,000-acre Mistretta Farms in White Castle, with a yield of nearly 10,000 pounds of processed sugar per acre. "I call that 'five-digit cane,' " says Kenneth Gravois, a sugarcane specialist with the LSU AgCenter Research & Extension. Mistretta says good rainfall this summer—including the downpour brought on by Hurricane Isaac (which also had weak “back-end” winds that left the crop standing)—is the primary reason for high-sucrose concentration in this year's crop. However, a big harvest and high sucrose concentration has also pushed prices of harvested sugarcane down to $0.23 per pound, from an average of $0.32. And there's no way to store unprocessed sugarcane because its fibers begin to break down...
B.R. gas prices seesaw up 2 cents on the week
The average gallon of regular unleaded gas is selling for $3.20 in Baton Rouge this morning, according to the AAA Daily Fuel Gauge. That's about 2 cents more than the average price per gallon one week ago, but 20 cents lower than it was one month ago. A year ago, gas was selling for 13 cents less per gallon than it is today. The state average this morning is $3.22 per gallon, up one penny on the week. The U.S. average, at $3.42 per gallon, is also one cent higher than it was a week ago. Baton Rouge gas prices have consistently tracked slightly below the state average in recent months and have been trending downward in recent weeks. Baton Rouge gas prices hit a historical high of $3.99 per gallon on July 18, 2008. You can check out the Daily Fuel Gauge here.
B.R. gas prices down 3 cents on week, 35 cents on month
As the holiday week kicks off, Baton Rougeans can be thankful for a little cheaper gas than they've been used to getting in recent weeks. The average price of a gallon of regular unleaded gas is selling for $3.18 as of this morning, according to the AAA Daily Fuel Gauge Report. That's down 3 cents from a week ago and 35 cents from a month ago. However, it's almost identical to what people were paying at the pump in Baton Rouge as Thanksgiving approached last year. One year ago, gas was going for one penny more per gallon on average locally—$3.19. Nonetheless, Baton Rouge's average price today is a few cents lower than the Louisiana average of $3.21, and the U.S. average of $3.41. You can take a look at AAA's complete Daily Fuel Gauge Report online here. Meanwhile, AAA is also cautioning those planning to take the highways this week for the holiday to expect...
Thanksgiving dinner costs increase by 13.2% in La.
The turkey, sweet potatoes, stuffing and pumpkin pie you might be planning for your Thanksgiving feast this year have all gone up in price since last year. And while the price of cranberries, rolls, whipping cream and pie shells have all decreased, they haven't gone down enough to offset the increases of other traditional Thanksgiving staples. So when it's all said and done, the typical Thanksgiving dinner in Louisiana will end up costing about $44.35 for 10 people—an increase of 13.2% over last year—according to a new LSU AgCenter survey. "That's an increase of $5.16 from last year's Baton Rouge average of $39.19," says LSU AgCenter family economist Jeanette Tucker. The annual survey was once again based on an American Farm Bureau Federation shopping list that includes turkey, stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, and beverages of coffee and milk, all in quantities sufficient...
B.R. gas prices drop nearly a dime on the week
Gas prices have been trending downward in recent weeks—locally and nationally—and last week was no exception. As of this morning, a gallon of regular unleaded gas was selling for $3.28 on average in Baton Rouge, according to AAA's Daily Fuel Gauge Report. That's down 9 cents from a week ago—and down 25 cents from a month ago. However, it's still four cents higher than average prices during the same week last year. Baton Rouge's average remains below the Louisiana average of $3.31 per gallon, as well as the U.S. average of $3.47. The state average price slipped 8 cents on the week and is down 26 cents from a month ago. The U.S. average today is down 7 cents from a week ago, and down 33 cents from a month ago. Check out the complete Daily Fuel Gauge Report here.
B.R. gas prices dip another 11 cents on the week
Last week marked the second in a row that Baton Rouge drivers got a pretty significant break at the gas pump. The average price of a gallon of unleaded regular gas fell 11 cents from Monday, Oct. 22, through today, according to the AAA Daily Fuel Gauge Report. Gas prices also fell 8 cents over the week prior to that. As of this morning, Baton Rouge prices are averaging $3.37 per gallon. One month ago, the average price in Baton Rouge was $3.56 a gallon. However, today's prices are still 9 cents higher than the $3.28 per gallon motorists in Baton Rouge were paying a year ago. Nonetheless, the local average remains below the $3.39 state average and the $3.54 national average. Check out the complete Daily Fuel Gauge Report here.
Gas prices in Baton Rouge dip 8 cents on the week; expected to drop further
The average price of a gallon of unleaded regular gas has decreased 8 cents in Baton Rouge over the past week, according to AAA Daily Fuel Gauge Report. As of this morning, gas is selling for $3.48 a gallon in the city, down from $3.56 a week ago. One month ago, gas was selling locally for $3.62 on average. But while $3.48 a gallon might look good compared to a week or month ago, it's still 16 cents higher than the $3.32 per-gallon-average of one year ago. Baton Rouge prices today remain below the state average of $3.50 per gallon and the national average of $3.66. However, all those averages could see significant decreases in coming weeks. USA Today is reporting this morning that average gas prices across the country could fall by as much as 50 cents a gallon in the near future due to rising inventory and lower demand. "Most of the country is heading appreciably lower the next few weeks,'' says Tom Kloza, of the Oil Price Information Service, who predicts retail prices will...
B.R. gas prices rise 3 cents on the week
If you're planning on filling up in Baton Rouge today, you'll probably pay somewhere around $3.56 for a gallon of regular unleaded gas. According to AAA's Daily Fuel Gauge Report, today's average is 3 cents more than the Baton Rouge average a week ago. It's also a dime less than a month ago, but 23 cents higher than a year ago. Baton Rouge's average is 2 cents lower than the state average of $3.58 a gallon, which is 20 cents lower than the national average. Nationally, the $3.78 per gallon Americans are paying today is 3 cents less than they paid a week ago and 8 cents less than they paid a month ago—but 33 cents more than they paid a year ago. The highest average gas price in Baton Rouge was set on July 18, 2008, when a gallon of regular unleaded sold for $3.99. The U.S. average peaked a day previous at $4.11.
News alert: Economists predict 9K new jobs for Capital Region in next two years
Cheap natural gas is fueling optimism in the petrochemical and industrial construction sectors, leading economists Loren Scott and Jim Richardson to predict the Capital Region will add about 5,000 jobs (+1.4%) in 2013 and about 4,000 jobs (+1.1%) in 2014. In their report "The Louisiana Economic Outlook: 2013 and 2014," released this afternoon at Business Report's Top 100 Luncheon, Scott and Richardson count at least $4.1 billion in projects announced or under way in the area, while also mentioning several potential projects that could be worth hundreds of millions—if not billions more. However, the optimism is tempered by the prospect of state government job reductions and the disappointing results so far in the Tuscaloosa Marine Shale, where more than a million acres have been leased by exploration companies but only a handful of producing wells have been drilled. The chemical sector's competitive advantage might be threatened if hydraulic fracturing, or "fracking,"...
Gas prices on track to break U.S. record in 2012
This year is on track to be the most expensive ever for American drivers, as gasoline prices soared to all-time highs for September, the fifth record-breaking month in 2012, according to AAA. U.S. drivers paid an average $3.83 per gallon of regular gasoline last month, surpassing the previous September record of $3.72, set in 2008. Given ongoing social unrest in the Middle East and refinery troubles in the United States, fuel-price trackers say motorists' wallets will be pinched through the rest of the year. Gas hit a $3.78 per gallon U.S. average price on Monday—16 cents higher than the previous record for the date on Oct. 1, 2008; in fact, pump prices have been at record levels for 43 days straight. "They'll break daily records through the end of this year," predicts Michael Green, AAA spokesman. "There have been a whole host of refinery issues this year. With the combination of high oil prices and low gas supplies, we are really seeing prices rise." The highest U.S. gasoline...
Bacon shortage called ‘baloney,’ but prices are expected to rise
Take a deep breath and relax, bacon-lovers, it appears fears of a worldwide bacon shortage may be hogwash. At least that’s what U.S. agricultural experts are saying in response to a trade group in Europe that last week declared a bacon shortage was “unavoidable,” citing a sharp decline in the continent’s pig herd and drought-inflated feed costs. The American Farm Bureau Federation is dismissing the claim as “baloney.” “Use of the word ‘shortage’ caused visions of (1970s-style) gasoline lines in a lot of people’s heads, and that’s not the case,” says Steve Meyer, president of Iowa-based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board. “If the definition of shortage is that you can’t find it on the shelves, then no, the concern is not valid. If the concern is higher cost for it, then yes.” The economics of the current drought are likely to nose up...
Isaac brought winter-grade gas to Louisiana early
If there was going to be a drop in gasoline prices in coming weeks, as suppliers shift from summer blends to winter blends, Hurricane Isaac may have expedited the process. The onset of fall typically coincides with a small reduction in gas prices around the country as suppliers begin delivering winter-grade gas between Sept. 15 and Oct. 1. But Isaac caused the issuance of waivers in the state for early deliveries of winter-grade fuel after gas stations ran dry and refineries shut down for days after the storm landed Aug. 29, says the state Department of Environmental Quality. If service stations haven't already received winter-grade gas, then "they will be getting the winter blend when they get their next shipment," says DEQ spokesman Rodney Mallett. John Felmy, a chief economist with the American Petroleum Institute, says winter-grade gasoline is typically cheaper because it requires fewer additives to prevent evaporation and increased air pollution. However, Felmy adds that...
A look into 2020: Oil at $180 a barrel?
A prediction that the price of oil could rise 50% this decade as global demand exceeds supply has drawn no shortage of opinions from people with professional interest in the matter, The Houston Chronicle reports. A Barclays research report issued last week asserted that oil produced from shale and other formations won't be sufficient to meet growing global demand as production from older fields declines. Barclays forecasts the shortfall could push prices for Brent crude, the global benchmark, to $125 a barrel sometime next year and possibly to $180 by 2020. Brent rose $1.23 to $115.80 a barrel in Monday trading on the London-based ICE Futures Europe exchange. U.S. benchmark crude finished at $96.47 in Friday trading, with the markets closed Monday for Labor Day. Challenging the notion that "sluggish economic performance plus shale oil must equal a rapidly loosening market," Barclays observes that "While oil output is strong in the U.S., it has slumped elsewhere." While some...
U.S. gasoline a bargain compared to global prices
For all the complaints about U.S. gas prices, Americans spent 63% less at the pump in July than Norwegians did on a gallon of the fuel—and the U.S. ranks 49th among 60 countries for average gas expenditures in a new data analysis published by Bloomberg. Premium gasoline was selling for $3.75 a gallon on July 23 in the United States, compared with $10.12 in top-ranked Norway. The U.S. price was behind Japan, China and India—the last being a country where people earn 2.9% of what Americans do, on average. Drivers in America, the biggest oil-consuming country, spend an average of 2.8% of their daily income on a gallon of gasoline, 55th in the ranking. In India, a gallon of premium gasoline costs 37% more than what a worker earns in one day. In Norway, which has the second-highest income on the list, lower only than Luxembourg, a gallon cost 3.7% of a day's wages. U.S. prices dropped 11% from three months earlier as domestic oil production reached a 13-year high. "One...
Gas to remain scarce, high-priced for weeks
Gas became such a high-value commodity Monday in Baton Rouge, even the most expensive gas stations were selling out of regular and premium before evening set in. LaRouge Mart on Jefferson Highway, which is listed at GasBuddy.com as selling regular gas at $3.89 over the last 48 hours, says it ran out of regular fuel by 4 p.m. The premium tapped out by 5 p.m. Lines at gas stations were commonplace throughout Baton Rouge Monday and remain so this morning. "We saw this four years ago, with [Hurricane] Gustav," says Gregg Laskoski, a senior petroleum analyst at GasBuddy.com who is based in Tampa Bay, Fla. Exacerbating the problem, Laskoski says, is consumer panic. Buyers are topping off tanks and parking the car in the driveway—where it might sit for the duration of the storm. The average price of gas in Louisiana rose from $3.60 on Sunday to $3.65 today, Laskoski says. "I think they're going to increase because of disruptions to the supply side," Laskoski says. Refineries in the...
Oil dips below $88 as prices at the pump climb
The price of oil is falling this morning after the head of the European Central Bank disappointed investors by failing to take immediate action to prop up the euro zone economy. ECB President Mario Draghi said last week that he would do "whatever it takes" to save the euro. Draghi was expected to quickly back that up with a plan to spark spending and borrowing in the European Union. So far he hasn't delivered. In a speech today, Draghi suggested the ECB could buy bonds to lower borrowing costs for European countries, but he offered no specific measures. Benchmark crude gave up $1.04 on the news, to $87.87 per barrel, while Brent crude rose 23 cents to $106.19 per barrel in London. Retail gasoline prices across the United States rose 1.3 cents to $3.53 per gallon. Since mid-June, motorists in Baton Rouge have seen prices rise about 20 cents per gallon. As of this morning, the local average was $3.39 per gallon, according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which...
Oil tops $92 per barrel for first time since late May
Rising tensions in the Middle East have pushed oil prices sharply higher over the past three weeks, forcing drivers to pay more at the pump. Crude rose $2.66, about 3%, to $92.53 per barrel today, crossing above $92 for the first time since late May. The price has risen about $15 per barrel since oil hit its low for the year three weeks ago. The national average price of gasoline is now $3.44 per gallon, up 11 cents since July 1. In Baton Rouge, the average today was $3.21, according to BatonRougeGasPrices.com. The oil market, responding to a series of events in recent days, is concerned once again that Iran will try to block oil shipments through the Strait of Hormuz, a narrow waterway in the Persian Gulf through which one-fifth of the world's oil travels every day. "It's raised the fear quotient," says Tom Kloza, chief oil analyst at the Oil Price Information Service. If oil buyers worry that oil will soon be in short supply, they...
Who's really squeezing you at the pump?
Gas prices are once again on the rise after weeks of steady declines, but a new analysis of where our money goes once we pump it into gas stations shows that station owners don't really see their profits rise with the prices. For every $50 fuel purchase—regardless of the price per gallon—gas station owners take home a measly $1, or a little more than 2%, according to calculations by financial analysis company Sageworks. Visa or MasterCard make even more, Sageworks says: about $1.25—or 2.5%—off every $50 gas purchase. According to the research, the price of crude oil accounts for 61.5% of the cost of gasoline at the pump, or about $30.75 of that $50 purchase. Refining crude oil into gasoline accounts for about 14% of the purchase price, while delivery costs add up to about 8% and taxes 12%. The U.S. Energy Information Administration also puts out its own breakdown of gas prices, and theirs isn't too far off Sageworks' analysis. According to the administration,...
Utility chiefs worry U.S. rush to natural gas will crowd out other fuels
The United States is at risk of relying too much on natural gas as transportation, manufacturing and electric-power industries vie for the cheap fuel, top executives of three power utilities tell Bloomberg. While greater use of gas instead of coal for generation cuts air pollution and carbon-dioxide emissions linked to climate change, the executives say the nation needs a diverse fuel mix to hedge against cost increases in any one source. "Having one focus is never good, just like a portfolio having one stock," says Michael Yackira, chief executive officer of Las Vegas-based NV Energy Inc. Energy companies are developing vast reserves of natural gas by hydraulic fracturing underground to push gas out of shale rock. The process, also called fracking, has sent gas prices down about 38% over the past year, benefiting industries that use the fuel in production, such as chemical manufacturers. The three executives with whom Bloomberg recently sat down disagree on whether the...
B.R. gas prices rise 7.5 cents on the week
Over the past two weeks, U.S. oil prices have regained about one-third of the $30 a barrel they lost in late June, and it appears the rebound is having an effect on end prices at the pump. The average price of a gallon of unleaded gas rose 7.5 cents on the week in Baton Rouge, according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which tracks average prices at 250 cities throughout the country. As of this morning, local prices were averaging $3.18 a gallon, which was still well below the $3.42 national average. Compared to a year ago this week, prices are also about 38 cents lower in Baton Rouge, and are down a little over 3 cents compared to last month. The national average has decreased about 25 cents on the year and is down 11 cents from a month ago. "Those who stuck around the low gas price party expecting it to last have realized they're out in the cold," says GasBuddy.com senior petroleum analyst Patrick DeHaan. "Oil prices are well off their recent lows, and...
Report: Crude price hit record in 2011
World oil prices reached a record high in 2011 despite normal demand growth and an increase in crude supplies from Saudi Arabia, according to BP's annual world energy report, released today. As The Houston Chronicle reports, revolutions and political unrest in Libya and some oil-rich Arabian countries contributed to a 40% increase in the average annual world Brent price of crude. The price rose to $111.26 per barrel, exceeding $100 per barrel for the first time in history, according the report. That info also comes from BP's 61st Statistical Review of World Energy, an analysis of the global dynamics impacting energy supplies and demand during 2011. Global oil consumption grew by just 0.7%, and economic troubles in Europe and the United States led to a 0.8% drop in energy demand in developed countries in 2011. Renewable power generation grew by 17.7%, with wind dominating the expansion. Meanwhile, federal officials predict fewer oil disruptions during this year's hurricane...
Baton Rouge home prices up in May, inventory down
Baton Rouge was the 98th most-searched real estate market in the United States during May, based on data released today by the National Association of Realtors. The data also shows median list prices in Baton Rouge increased to $177,900, or 1.65%, during the month compared to last year. That's also slightly more than a 1% climb from April. The national median list price in May was $194,900, a better than 3% increase compared to the month a year ago. Inventory of homes in Baton Rouge leveled out to 3,513 in May, a 16% year-over-year decline. As sharp a drop as that is, national inventory fell at the steeper rate of 20%. The average home on the Baton Rouge market had been listed for 85 days in May, a roughly 4.5% drop from April. The national average was two days fewer, a decline of about 1% from the month previous. To read NAR's complete May report on all 146 metros it monitors, click here. A summary...
Oil, gasoline prices to fall more than forecast
The average price of domestic oil and gasoline will be less than previously forecast through the remainder of 2012 because of weak demand and increased world supplies, the U.S. Energy Information Administration says. The Houston Chronicle reports the price of West Texas Intermediate crude—which is used as a benchmark for domestic oil—will be about $95 a barrel through the remainder of the year. That's $11 lower than a price projection reported last month, the administration says in its latest short-term energy outlook. Gasoline prices will also be lower than previously forecast, down from $3.79 for a gallon of regular to $3.60, because of the decline in oil prices, according to the outlook. WTI prices fell dramatically from $106 a barrel on May 1 to $83 on June 1 as concerns have grown about low oil demand in a weak world economy, the administration says. Oil production has outpaced consumption so far this year, a trend that's expected to continue. Global oil and...
Pain at the pump
Ali Fini might not have the cheapest gas around, but he claimed he was selling it in mid-May at a loss of 6 cents per gallon at Tiger Express on Lee Drive to move beer and cigarettes.
B.R. gas prices 30 cents lower than national average
The average price of a gallon of regular, unleaded gas fell by 7.3 cents in Baton Rouge over the past week, and was averaging $3.35 as of Memorial Day—30 cents lower than the national average of $3.65—according to BatonRougeGasPrices.com, a subsidiary of GasBuddy.com, which tracks average prices at cities throughout the country. The drop also brought local prices 28.9 cents lower than they were a year ago and 30.6 cents lower than a month ago. The national average dropped 15.7 cents over the past month and is down 13.4 cents compared to a year ago. The price peak for national average gas prices occurred sooner than GasBuddy.com predicted in January, happening on April 5 at $3.92 per gallon, rather than between $3.75 and $4.15. According to the website, some of the lowest gas prices in the Baton Rouge area are between $3.21 and $3.27 per gallon, while some of the highest are between $3.49 and $3.84 per gallon. Check out the website