Oil prices driving up gasoline costs - KAIT Jonesboro, AR - Region 8 News, weather, sports

Oil prices driving up gasoline costs

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

Gas prices are accelerating upward.

In the past week, average retail gasoline prices in Arkansas rose 4.6 cents per gallon to an average of $2.27/gallon, according to GasBuddy.com.

The national average increased 3.5 cents to an average of $2.52/gallon.

The current price in Arkansas is 13.7 cents per gallon more than the same time last year and 10.1 cents higher than a month ago.

“With oil prices rallying to their highest level since 2014, it’s no surprise that gasoline prices continue to show frustrating strength for this time of year,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While winter is usually a time for modest declines at the pump, this year has seen anything but.”

With gasoline production remaining “very strong,” DeHaan anticipates large discounts in the weeks ahead as refiners move winter gasoline out of their inventories to prepare for the summer blends.

However, he cautions the window is “relatively small and closes shortly after Valentine’s Day, so don’t expect much improvement before the annual spring surge begins.”

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

Copyright 2018 KAIT. All rights reserved.

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