Gas prices trickle even lower

Gas prices trickle even lower

State average below $ 2 per gallon again

Senior Petroleum Analyst LITTLE ROCK – Average retail gasoline prices in have fallen 4.5 cents per gallon in the past week, averaging $1.96/gallon yesterday, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.20/gallon, according to gasoline price website Gas-Buddy.com.

Including the change in gas prices in during the past week, prices yesterday were 48.5 cents per gallon lower than the same day one year ago and are 11.2 cents per gallon lower than a month ago. The national average has decreased 13.8 cents per gallon during the last month and stands 55.7 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices have ranged widely over the last five years: $2.45/gallon in 2015, $3.37/gallon in 2014, $3.47/gallon in 2013, $3.20/gallon in 2012 and $3.53/gallon in 2011.

“Summer travel is up, and yet, gas prices continue to decline? We know that seems perplexing for many, but that's exactly what's happening and it all comes down to those most basic fundamentals; supply & demand,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.com.

“Despite fuel consumption near record levels, U.S.

gasoline inventory recently reached the highest July level ever recorded (240.1 million bbl) and, concurrently, the national average has continued its consistent decline,” he added. GasBuddy is the premiere source for real-time local gas prices. Founded in 2000, GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices.

Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.

From Will Speer