Gas Prices, Oil Prices Rising – This Puts Louisiana In A Unique Situation
It truly is the double edged sword. Nobody wants to pay more for gasoline. In Louisiana we want oil prices to rise because higher prices mean jobs in our state. So, with that in mind, we have good news and bad news.
The bad news is that in the past week gasoline prices across Louisiana have risen an average of .07 cents a gallon. While that's not much considering we've been paying some of the lowest prices in recent memory, it is a sign that a little more of your paycheck will be pumped into your gas tank.
If you toss in an additional .17 cent per gallon tax the legislature is considering adding to pay for road repairs that would make the state average about $2.36 a gallon. You can expect prices to go higher even without the help of the legislature as we enter the Summer driving season.
Now, the good news. Oil prices are slowly starting to climb. That could mean the recovery in the oil patch we've all been praying for is slowly but surely on the way. Brent Crude as of early this morning was $56.03 a barrel. While that price isn't a world beater it's a lot better than the $50.00 per barrel price that we saw not too long ago.
Wait, there is some bad news about the rising price of oil. Most experts agree that the increase in oil prices is due to political uncertainty across the globe. That's not unusual for prices to fluctuate on the geopolitical climate but anytime there is unrest in the most unstable parts of the world we all have to be on our toes.
In a nutshell here's what we have determined. We will be paying more for gasoline with our without an additional tax. We should be seeing more and more hiring across the oil patch if prices continue to rise. We are not surprised that the people of the Middle East are bickering and fighting and we, the United States, are managing to get ourselves right in the middle of it.