Analyst: Oil prices could reverse recent gas price drop

Despite gas prices dropping for the third week in a row, one analyst cautions motorists could...
Despite gas prices dropping for the third week in a row, one analyst cautions motorists could see them make a U-turn.(WVIR)
Published: Jul. 5, 2022 at 8:01 AM CDT
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JONESBORO, Ark. (KAIT) - Despite gas prices dropping for the third straight week, one analyst cautions motorists could see them make a U-turn.

GasBuddy.com reported Tuesday, July 5, that average gasoline prices in Arkansas fell 8.2 cents per gallon in the last week to $4.34.

Those prices are 5 cents lower than a month but still $1.52 higher than last year.

The national average fell 10.4 cents per gallon to $4.78. Diesel also saw its average price fall 6.3 cents nationally to $5.72 a gallon.

Patrick De Haan, head of petroleum analysis for GasBuddy, noted that gasoline prices have fallen to their lowest levels in more than a month.

But he cautions that could all change.

“While we may see prices decline this week, the drop could fade soon if oil prices reverse, especially with strong demand over the holiday,” he said.

De Haan said American motorists are spending nearly $100 million per day less on gasoline than they did a few weeks ago.

“That’s well-needed relief at a time when gas prices remain near records,” he said.

To find the cheapest gas prices wherever you travel, visit the Region 8 News Pump Patrol.

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