Gas prices expected to fall, but ‘don’t get too excited’
JONESBORO, Ark. (KAIT) - Now that a major pipeline is back up and running, gas prices are expected to drop in the coming weeks. But a market analyst warns motorists not to get “too excited.”
According to GasBuddy.com’s daily survey of 1,826 stations, Arkansas gas prices rose 3.4 cents per gallon in the past week to an average of $2.76.
That’s 10.5 cents more than drivers paid a month ago and $1.23 higher than a year ago.
The national average rose 6.4 cents per gallon in the last week to $3.03.
Patrick De Haan, head of petroleum analysis for GasBuddy, attributed the surge in national prices to the shutdown of Colonial Pipeline, especially in the hardest hit states of the Carolinas, Georgia, Tennessee, Florida, and Virgina.
“With the pipeline now back in service, I expect prices to come down in the hardest hit states,” he said. “The drops should lead the national average to soon fall back under the $3 per gallon mark, but motorists shouldn’t get too excited.”
He said prices could head higher as Memorial Day gas demand becomes “red hot.”
“I’m optimistic that there will be enough recovery by Memorial Day for motorists in these states to fill up without having to search for gasoline,” De Haan said.
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