Analysts: Gas prices could peak in coming weeks

Analysts: Gas prices could peak in coming weeks
(Source: Pablo)

JONESBORO, AR (KAIT) - After weeks of near steady increases, the price of gasoline in Arkansas fell slightly in the past week.

GasBuddy.com reports the average price for a gallon of gas in the Natural State fell 0.5 cents to $2.54.

That’s still 11.2 cents per gallon higher than a month ago, and 2.7 cents more than we were paying last year at this time.

While prices here fell, the national average rose 1.3 cents/gallon to $2.89.

That’s up 14.3 cents a gallon more than last month, and 9.1 cents higher than a year ago.

“It appears that large increases in gas prices have begun to fade to distant memory, lending credibility to the notion that gas prices may be close to peaking for the time being,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.

He stated that President Trump’s “shocking warning Sunday about raising tariffs on China” could lead to another weekly drop in oil prices and wholesale gasoline.

“For now, I believe we’re close to seeing gas prices peak in the next few weeks,” DeHaan added. “I think most of the country has seen the risk of big price increases melt away.”

To find the cheapest gas wherever you travel, log onto our Pump Patrol page.

Copyright 2019 KAIT. All rights reserved.