Arkansas gas prices down, but analyst warns of ‘wild ride’ ahead

For the fourth week, gasoline prices in Arkansas fell. But one industry analyst warns we could...
For the fourth week, gasoline prices in Arkansas fell. But one industry analyst warns we could be in for a “wild ride” later this summer.(MGN Online)
Published: Jul. 11, 2022 at 9:48 AM CDT
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JONESBORO, Ark. (KAIT) - Gasoline prices in Arkansas fell for the fourth straight week. But one industry analyst warns we could be in for a “wild ride” later this summer.

According to GasBuddy.com’s weekly survey of the state’s 1,826 stations, the average price of a gallon of regular unleaded fell 8.4 cents last week to $4.25.

The current average price is 27.2 cents lower than a month ago but still $1.41 higher than last year.

The national average fell 12.8 cents last week to $4.66 a gallon. Diesel prices dropped 8.5 cents a gallon to $5.65.

Patrick De Haan, head of petroleum analysis, said the national average has declined for 27 days straight. He noted it’s the longest drop in average gas prices since the COVID-19 pandemic began.

“We may see the trend last a fifth week, as long as oil prices remain cooperative and don’t surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong,” De Haan said.

He cautioned that “we’re not completely out of the woods yet,” and motorists could see a “sharp reversal.”

“There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur,” De Haan said. “It could be a wild ride.”

To find the cheapest gas prices in your area, click here to visit the Region 8 News Pump Patrol.

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