Analyst: Gas prices ‘tied to the hip’ of the COVID situation
JONESBORO, Ark. (KAIT) - Arkansas gas prices dropped a penny in the past week, but motorists are still paying more than a dollar more per gallon than last year.
According GasBuddy.com’s daily survey of 1,826 stations, the average price for a gallon of gasoline in Arkansas is $2.66.
That’s 2.8 cents a gallon more than drivers paid last month and $1.14 higher than a year ago.
The national average fell 2.1 cents per gallon in the last week to $2.85.
Patrick De Haan, head of petroleum analysis for GasBuddy, says the last few weeks have been “fairly tame” at the pump for most areas compared to when “prices were screaming higher” in February and March.
“After surging back then, we’ve seen the price increases fade,” he said. “While we haven’t seen much of a decline, prices have been holding near their yearly highs.”
He believes the risk of seeing the national average climb to $3 per gallon has been delayed due to a recent surge in COVID-19 cases here and abroad which is limiting demand.
“But should things begin to improve, especially as we get closer to the start of the summer, we still have potential to see summer gas prices at their highest levels in years,” De Haan said. “Make no mistake, gas prices this year will be tied to the hip of the Covid situation.”
To find the cheapest gas prices wherever your travels take you, visit the Region 8 Pump Patrol.
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