Uptick in state gas prices

Uptick in state gas prices

Rates rise amid production speculation

GasBuddy.com LITTLE ROCK — Average retail gasoline prices in Arkansas have risen 3.1 cents per gallon in the past week, averaging $2.04/gallon yesterday, according to Gas-Buddy’s daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has increased 3.3 cents per gallon in the last week to $2.25/gallon.

Including the change in gas prices in Arkansas during the past week, prices yesterday were 7.5 cents per gallon lower than the same day one year ago and are 3.8 cents per gallon higher than a month ago. The national average has increased 7.9 cents per gallon during the last month and stands 6.1 cents per gallon lower than this day one year ago.

“Gasoline prices have risen in much of the country over the last week as crude oil prices rose to over $50 per barrel as market weighed the possibility of OPEC cutting production,” said Patrick De-Haan, senior petroleum analyst for GasBuddy. “Moving forward, oil may be on shaky ground as signs emerge that OPEC may not cut production as they indicated two weeks ago. The Saudis recently cut crude oil prices to some customers for November delivery, a fresh sign the Kingdom is staying aggressive about market share. This could lead to some relief as we head towards the holidays,” DeHaan said.

From Greg Laskoski