Falling gas prices attributed to rain, weak demand - KAIT Jonesboro, AR - Region 8 News, weather, sports

Falling gas prices attributed to rain, weak demand

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

Wet weather and weak demand pushed gas prices down for the third week in a row.

Average retail gasoline prices in Arkansas have fallen 2.1 cents per gallon in the past week, according to GasBuddy.com. Sunday’s average was $2.10 per gallon.

That compares with the national average which has fallen 3.3 cents per gallon in the last week to $2.26.

Despite the drop, gas prices in Arkansas are 52.6 cents per gallon higher than the same day a year ago, and 3.6 cents per gallon lower than a month ago.

The national average is 46.2 cents per gallon higher than the same time last year, GasBuddy said.

“For the 22nd straight day, the national average for a gallon of gasoline has dropped, the longest such streak since last summer,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Average prices now stand at their lowest thus far in 2017 and the lowest since before Christmas, thanks primarily to weak demand for gasoline and bulging inventories of gasoline.”

DeHaan said wet weather on the West Coast has “certainly dampened motorists’ appetites for gasoline, while in the Midwest weak demand has led to a surplus of winter gasoline.”

He cautioned the low prices would not stay around for long.

“Before motorists celebrate such cheap gas, the sweet deal likely won’t stick much longer as we’ve been waiting since last week to see such loss-leaders to disappear,” DeHaan said. “We may continue to see the national average moderate during the next week, with the exception in the Great Lakes where a price adjustment of sorts is still expected.”

To find the lowest gas prices in your area, visit the Region 8 News Pump Patrol.

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