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Analyst: Middle East tensions and hurricanes could drive up gas prices
Jonesboro, Arkansas – Despite the fact that gas prices in Arkansas fell once again last week, one analyst is concerned that the recent attack on Israel may result in increased gas costs.
According to GasBuddy.com, the typical cost of a gallon of regular unleaded gasoline in Arkansas decreased by 3.5 cents to $2.76.
That is a decrease of 49.3 cents from a year ago and 11.6 cents from a month ago.
In the past week, the national average dropped to $3.13 per gallon, or 4.6 cents less.
According to Patrick De Haan, head of petroleum analysis at GasBuddy, “the national average dipped slightly in the last week, but Iran’s attack on Israel has at least temporarily caused oil prices to surge to the highest level in months, which could cause the declines to cease for now and could lead to a rise in gas prices for many Americans.”
He issued a warning that Hurricane Milton, which on Monday intensified into a Category 4 storm, would potentially have an impact on gas prices.
In spite of the ongoing storm season and the unease in the Middle East, De Haan expressed optimism that the national average will reach $2.99 this autumn.
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