Gas prices dropping, experts predict trend will continue

Gas prices dropping, experts predict trend will continue
(Source: KAIT)

JONESBORO, AR (KAIT) - Even though we are paying more at the pump today than we did a year ago, experts say the price of gasoline is falling.

Gas prices in Arkansas fell 3 cents per gallon in the past week to an average of $2.64, according to GasBuddy.com. The national average also fell 3 cents to $2.91.

Current prices, according to the survey, are 55.9 cents higher per gallon than they were a year ago and 7.7 cents higher than just a month ago.

Despite the increase, experts predict a decline in the coming weeks.

"Gasoline prices continue to fade after peaking just ahead of Memorial Day, largely in part due to previous discussion that OPEC may lift output, pushing oil prices back down to the mid-$60s," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "As we've been expecting for months, gas prices will likely decline in the month of June as summer gasoline inventories continue to build and refiners continue to crank out fuels like gasoline and diesel."

For the latest gas prices in Region 8 and beyond, visit our Pump Patrol page.

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