Analyst: Gas prices at their lowest in 12 years

Analyst: Gas prices at their lowest in 12 years

JONESBORO, AR (KAIT) - Arkansas gas prices continue to tumble.

Average retail prices in the Natural State have fallen 2.5 cents per gallon in the past week, averaging $2.08 per gallon, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas.

The national average fell 4.0 cents per gallon in the last week to an average of $2.33/gallon.

Gas prices in Arkansas are also 2.8 cents per gallon lower than the same day a year ago and unchanged versus a month ago. The nation average dropped 0.7 cents during the last month and stands 5.8 cents a gallon less than a year ago.

"Oil prices remain near 6-month lows as fundamentals remain weak—supply remains high even in light of production cuts from OPEC while demand has been mild, not remarkable," said Patrick DeHaan, senior petroleum analyst for GasBuddy. "Today's national average price for gasoline is the lowest for mid-June since 2005. Not an easy record to attain."

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

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