U.S. gas prices hit $3 a gallon; Arkansas close to $3 mark

American motorists got a secret Santa gift during the Christmas weekend as pump prices rose above $3 a gallon for the first time in more than two years, according to the U.S. Energy Department.

If the trend continues, Arkansas motorist traveling to the Sugar Bowl in New Orleans area on Jan. 4 should expect to see prices for regular unleaded and diesel well above the elusive three dollar level, weekly data from the U.S. Energy Information Administration shows.

In the past week, average U.S. pump prices for regular unleaded rose seven cents to $3.05 a gallon, up 44 cents from a year ago. It is also the first time that the average price for regular unleaded has topped $3 a gallon since October 2008.

The EIA’s weekly fuel report will not official be released until Wednesday afternoon. However, the updated fuel price information is released every Monday and shows that pump prices have risen every week since the Thanksgiving Day and Black Friday weekend.

In Arkansas, retail pump prices have yet to top the $3 a gallon mark, but have risen more than the national average.

According to AAA’s daily fuel gauge report, Arkansas motorists are paying $2.91 per gallon for regular unleaded, up 10 cents from a week ago and 46 cents higher than a year ago. Retail diesel prices are averaging about $3.19 a gallon.

Pump prices in Arkansas’ metropolitan areas range from a low of $2.88 per gallon in Texarkana and Little Rock to a high of nearly $2.93 in Fort Smith and the Fayetteville-Springdale area. Pine Bluff motorists are paying about $2.91 per gallon to fill up their tanks.

And if international crude oil prices continue to move aggressively toward the $100 a barrel mark, Arkansans in some markets will be filling their tanks at $3 a gallon in time for the New Year.

On Monday, international crude oil prices hit a 26-month high as several OPEC and oil-producing nations said they had no plans to boost output.

On Thursday, benchmark oil for February rose $1.03 to settle at $91.51, the highest level since October 2008. The price for light sweet crude touched another 26-month high in NYMEX trading on Monday, but retreated and closed the session down 51 cents, at $91 a barrel.