Analysts: AR gas prices continue downward trend - KAIT Jonesboro, AR - Region 8 News, weather, sports

Analysts: AR gas prices continue downward trend

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

Gas prices in Arkansas and the rest of the United States continue to tumble, but analysts warn the downward trend could soon come to an end.

Average retail gas prices in Arkansas fell 3.3 cents per gallon in the past week to an average of $2.05, according to GasBuddy.com. The national average fell 4.4 cents to $2.28/gallon.

Sunday’s prices in the Natural State were 2.7 cents per gallon lower than the same day one year ago, and 3.4 cents lower than a month ago. The national average decreased 7.1 cents in the last month and stands 5.8 cents per gallon less than one year ago.

“Another week, another nearly country-wide decline in average gasoline prices as crude oil prices struggle near the lowest levels of the year,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “It looks like even OPEC’s best move to thwart supply increases hasn’t done much thanks to U.S. oil production, which has charged back like a bull.”

But DeHaan warns motorists not to expect the price declines to continue as hurricane season approaches.

“We could see another week with a majority of states seeing prices move lower again, thanks to gasoline inventories that remain quite healthy, along with refiners that continue to push out product at rates that have been higher than demand,” he said.

According to GasBuddy’s historical data, gasoline prices on June 19 in Arkansas have ranged widely over the last five years:

  • $2.07/g in 2016
  • $2.54/g in 2015
  • $3.46/g in 2014
  • $3.37/g in 2013
  • $3.22/g in 2012

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