Gas prices dip ahead of holiday weekend

Gas prices dip ahead of holiday weekend

Rates averaging just above $ 2 mark

Sr. Petroleum Analyst With many families planning vacations or Fourth of July weekend travels, motorists can expect to save at the pump. Average retail gasoline prices in Arkansas have fallen 3.2 cents per gallon in the past week, averaging $2.07/gallon Friday, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has fallen 4.5 cents per gallon in the last week to $2.34/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Arkansas during the past week, prices yesterday were 45.9 cents per gallon lower than the same day one year ago and are 3.2 cents per gallon higher than a month ago. The national average has increased 6.1 cents per gallon during the last month and stands 46.0 cents per gallon lower than this day one year ago.

According to GasBuddy’s historical data, gasoline prices on June 20 in Arkansas have ranged widely over the last five years: $2.53/gallon in 2015, $3.48/gallon in 2014, $3.37/gallon in 2013, $3.22/gallon in 2012 and $3.47/gallon in 2011.

Areas nearby Arkansas and their current gas price climate show the state with lower averages than its neighbors: Memphis – $2.15/gallon, down 2.3 cents per gallon from last week's $2.17/gallon.

Little Rock – $2.09/gallon, down 2.1 cents per gallon from last week's $2.11/gallon.

Shreveport – $2.09/gallon, down 1.3 cents per gallon from last week's $2.11/gallon.

“The price of crude oil, which had been gaining steam leading up to June, has now experienced a sustained downturn over the last couple of weeks. As crude oil prices have cooled off, the impact is finally being felt in the retail gasoline sector, where the national average for gasoline fell over 5 cents per gallon in one week’s time. No area has seen this impact more pronounced than the Great Lakes states, where Indiana and Ohio saw their gas prices fall over 15 cents per gallon in one week. As EIA demand data for gasoline hit a new weekly record, it makes the declining price even more impressive. This week, energy markets will be anxiously awaiting the outcome of whether the UK will remain in the European Union. Uncertainty over the stability of the EU could impact crude and American gas prices,” said Will Speer, GasBuddy senior petroleum analyst.

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.

By Patrick DeHaan