Gas prices continue to fall as summer winds down - KAIT Jonesboro, AR - Region 8 News, weather, sports

Gas prices continue to fall as summer winds down

(Source: AP Graphics Bank) (Source: AP Graphics Bank)
JONESBORO, AR (KAIT) -

The average price of gas in Arkansas has fallen over the past week and is also down compared to a month and year ago.

According to GasBuddy, prices have fallen 3.6 cents per gallon in the past week, averaging $1.90 Sunday.

That compares with the national average that has fallen 2 cents per gallon in the past week and is now averaging $2.13 per gallon.

Prices Sunday were 48.6 cents per gallon lower than the same day in 2015 and 14.6 cents per gallon cheaper than one month ago.

Drivers this year have been able to take advantage of the lowest prices in over a decade.

That has pushed the demand for gasoline up as low prices have spurred more road trips.

"But despite high demand for gasoline, prices have continued to fall amidst an oversupply of gasoline across the country,” said Will Speer, senior petroleum analyst with GasBuddy. “High gasoline inventories, which are up 11.8% from this time last year, will continue to be a thorn in the side of refiners and a boost for consumers as a seasonal downturn in gasoline demand is on the horizon after Labor Day."

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