SHREVEPORT, La. (KTAL/KMSS) – Gas prices in the Shreveport-Bossier area continue to drop quickly after reaching record highs.
Prices in the area are now averaging $3.50 a gallon. Rates are more than a dollar lower than they were at their peak.
Just two months ago, Shreveport saw the city’s highest gas prices on record. On June 15, the city’s average gas was $4.58 a gallon.
Suddenly, gas prices are going down at a surprising rate. Since the record high, gas prices have dropped about 15 cents weekly.
The national average of gas is also under $4. AAA says prices dropped 20% since June to $3.99. According to the Associated Press, economic recovery after the pandemic drove costs to rise at an accelerating rate, but prices spiked after Russia invaded Ukraine in February.
Some drivers are excited that gas prices are dropping quickly, while others wish they could go down faster. Gas Buddy analyst Patrick De Haan told AP last week he expects prices to drop another 10 cents to 25 cents a gallon over the next couple of weeks.
However, concerns remain that the decline won’t last.