Gas prices trickle down 2 cents
JONESBORO, Ark. (KAIT) - Following a “feverish rise” since the first of the year, gas prices fell nearly two cents in the past week.
According to GasBuddy.com’s daily survey of 1,826 stations in Arkansas, the average price for a gallon of gasoline is $2.68.
While that is a decrease of 1.8 cents in the last week, it’s still 21 cents more than a month ago and 94.3 cents higher than what motorists paid last year.
The national average fell 2.7 cents in the last week to $2.84/gallon.
“After the feverish rise in gas prices to start the year, increases have largely tapered off, and we’re now seeing decreasing prices in most areas of the country, thanks to oil prices that have moderated for the time being,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
He predicted some volatility in the price of oil in the coming days due to a skyscraper-sized container ship stuck in the Suez Canal keeping hundreds of other ships in limbo.
De Haan also noted in his weekly report that refineries had made the switch to summer gasoline.
“Price impacts have been limited thus far,” he said. “But demand for gasoline remains strong.”
With warmer weather on the way, De Haan said more motorists will hit the roads.
“It could drive prices higher,” he said. “So long as COVID-19 cases don’t jump along with it and lead to new travel restrictions.”
Copyright 2021 KAIT. All rights reserved.