Arkansas gas price could see increase later this year
Little Rock, Arkansas – Due to cheaper crude oil prices and lower demand, Arkansas drivers continue to experience lower gas prices across the state this week.
The state is nearing three consecutive months of drivers seeing drops in gas prices across the state.
On Wednesday, the statewide gas price average in Arkansas is $3.17 for a gallon of regular unleaded fuel. This average total cost is 8 cents less than a week ago.
The nationwide average for a gallon of gas is $3.70, which is a 6-cent decrease from last week.
According to AAA spokesperson Nick Chabarria, a barrel of crude oil continues to stay stable, and the continued decrease in demand for gas is likely the reason for the continued decline in the total price of gas as of right now.
Market analysts looking into the future point to tightening global oil supplies and continued market unpredictability as potential trouble spots heading into the fall and winter months as drivers may see possible increases in total gas prices.
“Crude oil prices have settled below $90 per barrel, at least for the time being, contributing to declining prices at the pump.” AAA spokesperson Nick Chabarria said. “But as cooler weather approaches and oil supplies tighten, drivers could see price fluctuations when filling up.”
Taking a look around central Arkansas major cities, the average total price for a gallon of regular unleaded gas has decreased everywhere since last week.
Little Rock-North Little Rock metro’s total price average Wednesday is $3.07, which is 9 cents less than last week, while Hot Springs drivers are paying 15 cents less for a gallon of gas this week at $3.02.
Fort Smith drivers are paying an average of $3.24 for a gallon of regular gas at the pump, which is the same as last week.
Arkansas’s total price average for a gallon of gas is currently ties with Texas as the cheapest in the country. California drivers pay the highest total cost at $5.43, which is a 15-cent decrease from this time last week.