Gas prices dip for Labor Day weekend

Save at the pump for “unofficial last day of summer’ travels

By Don Wilburn

donaldfwilburn@gmail.com

Gas prices in Arkansas continue to fall ahead of the much-anticipated Labor Day weekend, with the state witnessing a decrease of more than eight cents in the past week, according to Gas-Buddy. The average price of a gallon of gas in Arkansas is now around $3.00, the lowest it has been since February.

The cheapest gas station in the state is currently selling fuel for $2.63 per gallon, while the most expensive station is charging $3.39 per gallon. This downward trend in gas prices is not unique to Arkansas, as neighboring cities such as Little Rock, Memphis, and Shreveport have also experienced significant drops in prices.

Patrick De Haan, head of petroleum analysis at GasBuddy, believes that the decreasing gas prices are especially timely as Americans prepare to hit the road for the Labor Day weekend. He stated in a news release that the national average has fallen for four consecutive weeks, providing Americans with an opportunity to travel without the burden of high gas prices.

According to AAA, gas prices in Arkansas have dropped by three cents this week to $3.06, a significant decrease from the $3.48 average price of gas a year ago. The current gas prices in Arkansas are also 39 cents cheaper than the national average. Additionally, the average price of diesel in Arkansas has decreased by three cents from last week to $3.84, a 39 cent drop from last year.

Despite the recent decreases, Arkansas still ranks as having the fourth lowest gas prices in the nation. States like Mississippi, Tennessee, and Louisiana offer even cheaper gas prices to consumers.

Nationwide gasoline demand has decreased by 3.6% from August 2023, according to the Energy Information Association. Additionally, crude oil prices have fallen to a sixmonth low, dipping below $73 per barrel, as reported by AAA.

Although Arkansans are enjoying relatively low gas prices compared to the national average, it is worth noting that not too long ago, in June 2022, the state saw record-high gas prices with an average of $4.54 per gallon of regular unleaded.

The average price of gas in West Memphis is currently $2.64 with Marion coming in slightly higher at ten cents more.