Prices at the pump plummet

Prices at the pump plummet

JONESBORO, AR (KAIT) - Thanksgiving travelers might have to contend with long waits in traffic, but they can be thankful for cheaper gas.

Gasoline prices in Arkansas have fallen 4-cents in the past week, according to GasBuddy.com.

The average price in the state is $2.43/gallon. That’s 24-cents cheaper than the national average of $2.67, which fell nearly 6-cents during the same time.

“The last week has seen another notable decline at pumps in nearly every state with average prices again plummeting,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Every single day, Americans are spending nearly $100 million less than just 30 days ago.”

He attributes the decrease to the U.S. issuing waivers to countries that buy crude oil from Iran, and OPEC’s agreement to increase production to soften the blow of re-imposed sanctions against the country.

“What’s it all mean for motorists?” DeHaan asked. “The plummet at the pump may continue for now, but all eyes will be on OPEC to see what move they make to pump oil prices back up.”

Arkansans are still paying much more than they did in 2016, when prices averaged $1.93/gallon; but, a lot less than in 2013 when we were shelling out $2.91/gallon at the pump.

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