Arkansas Gas Prices See Slight Uptick, Still A Dollar Cheaper Than A Year Ago
by October 4, 2015 9:54 pm 170 views
The average price for a gallon of regular unleaded has stalled at around $2.06 per gallon this past week, after falling well below two dollars in several areas of the state coming out of the Labor Day weekend, according to Department of Energy information compiled by AAA.
Despite the recent uptick, pump prices in Arkansas are well below the national average of $2.32 per gallon and down more than a dollar from average prices of $3.35 per gallon to fill up a tank during the same period a year ago.
Nationally, average gasoline prices are up by fractions of a penny compared to one week ago, and pump prices have fallen for 26 of the past 30 days for a total monthly savings of 20 cents per gallon.
“This decline has been driven by relatively low crude oil prices, declining domestic demand for gasoline following the end of the summer driving season, and the switch to cheaper-to-produce winter-blend gasoline on Sept. 16 in many parts of the country,” AAA said in its recent national gas price report. “Crude oil prices remain under downward pressure due to ample supply and seasonal declines in demand, and drivers continue to experience significant yearly savings in the price of retail gasoline.”
Gasbuddy.com, which posts its local gas prices in real-time, is showing motorists in and around Little Rock are paying prices per gallon as low as $1.80.
According to AAA, falling averages are often the trend at this time of year due to a decline in driving and the switchover to winter-blend gasoline. Unlike previous years, however, refinery maintenance season this fall is expected to be heavier than usual due to refineries operating at higher than normal rates for longer periods over the summer months.
As the refinery maintenance season continues to ramp-up, gas price declines could slow and temporarily change direction. “However, the market’s current oversupply is expected to keep prices relatively low, and barring any unexpected price spikes, consumers should continue to experience significant yearly savings at the pump approaching the end of the yea,” AAA says.