Despite steady gas prices, analyst warns of ‘pain at the pump’
JONESBORO, Ark. (KAIT) - No change this week in Arkansas gas prices. But one analyst warns there could soon be “pain at the pump.”
GasBuddy.com reported Monday that the average price of regular unleaded remained at $2.92 per gallon.
Arkansas motorists are paying 1.5 cents a gallon more than last month and 78.6 cents more than last year.
While prices in the Natural State remained steady, the national average rose 1.3 cents in the last week to $3.31 a gallon.
“Average gas prices saw a slight boost over the last week as the rising price of crude oil continues to push prices up,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “While the rise was fairly tame, some states still saw slight declines.”
He noted that gasoline demand had been lackluster, but warned that could change.
“The real pain at the pump will start in about 4-6 weeks,” De Haan said. “Oil prices continue to edge higher as oil production remains a concern due to unrest in Libya and Kazakhstan; however, some improvement in the latter situation could lead to oil prices being more subdued.”
To find the cheapest gas wherever your travels take you, visit the Region 8 News Pump Patrol.
Copyright 2022 KAIT. All rights reserved.