Gas prices rise as fall nears

Gas prices rise as fall nears

Uptick has rates nearing $ 2 per gallon

Sr. Petroleum Analyst Average retail gasoline prices in Arkansas have risen 4.6 cents per gallon in the past week, averaging $1.97/gallon yesterday, according to GasBuddy’s daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has increased 3.7 cents per gallon in the last week to $2.16/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Arkansas during the past week, prices yesterday were 32.7 cents per gallon lower than the same day one year ago and are 3.3 cents per gallon higher than a month ago. The national average has decreased 0.5 cents per gallon during the last month and stands 45.5 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 22 in Arkansas have ranged widely over the last five years: $2.30/gallon in 2015, $3.21 2014, $3.33/gallon in 2013, $3.52 and $3.43 in 2011.

Areas nearby Arkansas and their current gas price climate: Memphis- $2.03/gallon, up 4.0 cents per gallon from last week’s $1.99/gallon.

Little Rock- $1.96/gallon, up 4.2 cents per gallon from last week’s $1.92/gallon.

Shreveport- $1.93/gallon, up 1 cent per gallon from last week’s $1.92/gallon.

“With the benchmark WTI crude climbing more than $8 per barrel since the beginning of the month to $48 per barrel and Brent above $50, we should not be surprised to see the average price of gas in many areas nearly 5 cents than it was a week ago,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“While wholesale gasoline prices reflect the run-up for crude, it may be short-lived since the clock is ticking on the rally for retail prices with just two weeks left before the Labor Day weekend and summer’s official end,” Laskoski added. “So consumers should be prepared for modest increases this week that may actually taper off as we approach the holiday weekend.”

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.

From Patrick DeHaan