Oil prices falter, sending gas prices down

Arkansas motorists received some relief last week from soaring gas prices.
Arkansas motorists received some relief last week from soaring gas prices.
Published: Jun. 27, 2022 at 8:17 AM CDT
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JONESBORO, Ark. (KAIT) - Arkansas motorists received some relief last week from soaring gas prices.

GasBuddy.com reported Monday average gasoline prices in the Natural State fell 7.5 cents to $4.42 a gallon.

Despite the drop, average prices are still 32.1 cents higher than a month ago and $1.62 higher than the same time last year.

The national average price fell 8.8 cents in the last week to $4.88/gallon.

Meanwhile, the price of diesel increased 2.6 cents a gallon to $5.80.

“With Independence Day a week away, gas prices have continued to fall for the second straight week as the price of oil has faltered, ushering in the drop we’re seeing,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The good news is we could also see a third straight week of decline.”

Despite the drops, gas prices will be at their highest July 4th level ever.

De Haan also cautioned that prices could make a sudden U-turn.

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