Analyst: Resurgence in COVID-19 cases could lead to lower demand, gas prices

Analyst: Resurgence in COVID-19 cases could lead to lower demand, gas prices
Arkansas gas prices rose nearly 3 cents in the past week to an average of $1.87 a gallon. (Source: Live 5/File)

JONESBORO, Ark. (KAIT) - Arkansas gas prices rose nearly 3 cents in the past week to an average of $1.87 a gallon.

That’s according to GasBuddy.com’s daily survey of 1,826 stations.

While prices are 22.5 cents/gallon higher than a month ago, Arkansas motorists are paying 47.4 cents less per gallon than they did this same time last year.

We’re also paying much less than others around the country.

The national average price of gasoline, according to GasBuddy.com, rose 3.4 cents/gallon in the last week to an average of $2.17. That’s an increase of 19.7 cents in the past month.

It is the ninth straight week that gas prices have risen, according to Patrick DeHaan, head of petroleum analysis at GasBuddy.

Last week U.S. gasoline demand fell 0.4%, he said.

While not a “staggering figure,” DeHaan said data from later in the week pointed to “much more noticeable drops” that could become a trend as more states rescind their re-openings amid an upswing in COVID-19 cases.

“Motorists across the country will likely be influenced by what develops in those areas,” DeHaan said. “Improvement and a slowdown in COVID would cause gas prices to continue rising, while a continued resurgence in COVID-19 cases and a drop in gasoline demand will mean lower gas prices.”

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