Pre-Labor Day gasoline prices highest since 2014

by Jeff Della Rosa ([email protected]) 208 views 

Headed into Labor Day weekend, retail gasoline prices have been the highest since 2014, but Arkansas has the lowest gasoline prices in the United States, according to recent reports.

On Aug. 29, the average prices in the United States were $3.83 per gallon, 69 cents per gallon, or 22%, higher than at the same time last year, according to the U.S. Energy Information Administration (EIA). On June 13, the prices reached a peak and have since fallen by $1.18 per gallon.

According to the AAA, Arkansas has the least expensive gas price average in the United States at $3.32 per gallon. The price is 7 cents less than last week but 48 cents more than last year.

The statewide price continues to fall as the price of crude is impacted by competing issues, including concerns about an economic slowdown and Russia’s invasion of Ukraine. The previous, amid inflation and rising interest rates, is putting downward pressure on the prices, while the latter is keeping them elevated, according to the AAA. Also, the prices could be affected as a result of hurricanes and Labor Day weekend travel.

“The cost for fuel is at its lowest point in six months as millions of drivers prepare to hit the road for the last weekend of summer driving season,” said AAA spokesman Nick Chabarria. “However, crude oil prices remain sensitive to any supply or demand news with the ongoing war in Ukraine. Crude makes up approximately 60% of the cost of a gallon of retail gasoline.”

This weekend, AAA expects 32% of Americans will travel, and of those, 82% will do so by vehicle.

While Arkansas has the lowest gas price average in the nation, California has the highest at $5.30 per gallon. Texas has the second least expensive gas price average at $3.34 per gallon.