JONESBORO, Ark. (KAIT) - Despite a 1.5 cent drop in the past week, a petroleum analyst says gasoline prices in Arkansas and the rest of the country are stuck in neutral.
According to GasBuddy.com’s daily survey of 1,826 stations, the average price of a gallon of regular unleaded in the Natural State now stands at $1.87.
That’s a penny more than motorists paid a month ago but 50.8 cents less than a year ago.
The national average fell 2.5 cents in the past week to $2.17/gallon.
Although GasBuddy data showed a small rebound in gasoline demand, oil prices have failed to break out, according to Patrick De Haan, head of petroleum analysis for GasBuddy.
“We remain stuck in neutral when it comes to gasoline prices,” De Haan stated in a Monday news release. “It’s a bit too early to tell if the small rise in gasoline demand last week will continue into this week, but it does seem the most likely situation.”
He went on to state that a surge in coronavirus cases put the demand for gas on hold for nearly all of July.
“Once we recover from that and we see demand show several weeks of recovery, we’ll likely see gas prices begin to tick higher,” De " For now, however, that gives motorists more time to fill up without having to worry about big jumps in prices.”