Gas prices fall as plan to tap strategic reserve takes pressure off

Staff Report

The national average for a gallon of gas has dropped to $4.18 as President Biden plans to release one million barrels of oil per day for six months from the Strategic Petroleum Reserve.

A driver checks gas prices in Buffalo Grove, Ill. on March 26.

The SPR is a collection of underground salt caverns along the Gulf Coast where millions of gallons of crude oil are stored. Managed by the U.S. Department of Energy since 1975, it is said to be the largest supply of emergency crude oil in the world.

“The upward push on oil prices caused by Russia’s war in Ukraine is meeting stronger downward pressure from the planned SPR oil release and increased COVID fears in China,” stated AAA spokesperson Andrew Gross in a news release. “And lower global oil prices are reflected in falling pump prices for consumers in the U.S.”

As of today, Louisiana has an average price per gallon of $3.96.

Here are the averages for a regular gallon of gas in the state's metro areas:

  • Baton Rouge: $3.98
  • Alexandria: $3.90
  • Hammond: $4.00
  • Houma and Thibodaux: $3.95
  • Lafayette: $3.96
  • Lake Charles: $3.98
  • Monroe: $3.74
  • New Orleans: $4.02
  • Shreveport and Bossier City: $3.93