Gas prices staying low
Statewide rates hovering just over $ 2 mark
Senior Petroleum Analyst LITTLE ROCK — Average retail gasoline prices in Arkansas have fallen 1.2 cents per gallon in the past week, averaging $2.08/gallon yesterday, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has fallen 1.3 cents per gallon in the last week to $2.29/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Arkansas during the past week, prices yesterday were 30.4 cents per gallon higher than the same day one year ago and are 0.3 cents per gallon lower than a month ago. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on March 13 in Arkansas have ranged widely over the last five years: $1.78/gallon in 2016, $2.26/gallon in 2015, $3.25/gallon in 2014, $3.52/gallon in 2013 and $3.60/gallon in 2012.
Areas near Arkansas and their current gas price climate: Memphis – $2.09/gallon, down 1.6 cents per gallon from last week's $2.10/gallon.
St. Louis – $2.08/gallon, down 1.9 cents per gallon from last week's $2.10/gallon.
Shreveport – $2.04/gallon, down 2.3 cents per gallon from last week's $2.06/gallon.
'A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. 'With little warning or expectation, crude oil last week broke out of the rut it had well established, with crude prices falling out of a 3-month range of $51-$54 per barrel to $49. Fundamentals of oil have weakened, and with last week's large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now. Naturally, when oil prices take a beating such as they did last week, one might expect gasoline prices to move in lockstep, but due the complex relationship of oil and gasoline prices and the middleman-U.S. refineries- motorists may not see as large a decline at the pump as they may hope for- but certainly stay tuned. I remain optimistic that the annual spring rally at the pump could be less severe than expected, but remain cautious as it remains difficult to know where the new path will lead oil prices in the week ahead,' DeHaan said.
About GasBuddy GasBuddy is the technology company changing the way more than 60 million consumers find, purchase, and save money on gasoline. Founded in 2000, the original GasBuddy website was a pioneer in crowdsourced information, leveraging technology, big data, and a passionate community that now connects more than 60 million users with real-time, accurate fuel pricing information as well as reliable reviews of gas station amenities and services. The app and website have the most accurate and real-time fuel prices at over 140,000 unique stations in the United States, Canada, and Australia and is the most comprehensive money-saving companion while on the road. GasBuddy is available on all mobile platforms. For more information, visit www.gasbuddy.com.
From Greg Laskoski