Gas prices travel to lowest levels since January

GasBuddy.com reported Monday that the average price of regular unleaded in Arkansas fell 11.2...
GasBuddy.com reported Monday that the average price of regular unleaded in Arkansas fell 11.2 cents in the past week to $2.88.(Aiden Greco)
Published: Dec. 5, 2022 at 9:56 AM CST
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JONESBORO, Ark. (KAIT) - The price of gasoline continues to tumble.

GasBuddy.com reported Monday that the average price of regular unleaded in Arkansas fell 11.2 cents in the past week to $2.88.

That’s 33.8 cents less than motorists paid a month ago and 6.1 cents less than a year ago.

The national average fell 15.8 cents in the past week to $3.36. Diesel prices also dropped 13.6 cents to a national average of $5.06/gallon.

“For the first time in 670 days, the national average price of gasoline has fallen below its year-ago level, dropping for the fourth straight week to its lowest level since January,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

He said it remains possible that the national average could fall below $3 per gallon by Christmas.

“However, despite all the good news about fuel prices, there may be some concerns coming as the price cap on Russian oil kicks in,” De Haan added. “Retaliation is possible, and while OPEC+ upheld production cuts from last month, they could always cut more production.”

For now, he said motorists should see another week of declines.