Arkansas gas prices tumble nearly 6 cents
JONESBORO, Ark. (KAIT) - It costs Arkansas motorists much less to fill their rides than it did a week ago, and analysts predict prices will continue to plummet.
According to GasBuddy.com’s daily survey of the state’s 1,826 stations, the price for a gallon of regular unleaded fell 5.7 cents in the past week to an average of $2.94. That’s 12.3 cents less than drivers paid last month but still $1.08 a gallon higher than a year ago.
The national average price of gasoline fell 5.3 cents in the last week to $3.34/gallon.
Patrick De Haan, head of petroleum analysis for GasBuddy, attributed the decline to “continued anxiety over the omicron variant and because some countries have begun issuing lockdowns, keeping motorists in some countries from consuming as much fuel.”
While some parts of the United States are seeing what he called “hefty” price declines, much of the rest of the country is lagging behind.
“But, we will see precipitous declines in the next week or two as stations continue to sell through higher priced inventory before slowly lowering their prices,” De Haan said. “It’s not impossible given the conditions that price wars, where stations lower their price significantly, could emerge as stations now have considerable room to lower prices.”
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