LITTLE ROCK, Ark. – Good news for Arkansas drivers.
AAA reports July 28, the average price for a gallon of gasoline in Arkansas is $3.86 a gallon, down 17 cents from a week ago. This same number is a $1.01 average above what a gallon of gas cost a year ago.
Lafayette drivers are paying the highest prices in southwest Arkansas, with a $4.18 average, with drivers in Miller County paying the lowest, at $3.76 per gallon average. Nationally, a gallon of gas is averaging $4.28 a gallon, down 16 cents in one week and $1.12 more than the gas average a year ago.
It was July 23 when the state gas average dropped below the $4 mark, the first time it went that low since May 11. A continued price decline is expected as oil and gas markets weigh the current increase in demand against the potential of an economic slowdown. The war in Ukraine is also impacting prices.
Where it ends, nobody knows.
“Sub-$100 per barrel crude oil prices and steady regional supply are contributing to lower prices at the pump,” AAA spokesperson Nick Chabarria said. “Gas prices continue to fall nearly daily, but market volatility will largely dictate how long that lasts.”
The average gas price is highest in California, at $5.66 per gallon. Arkansas is the seventh lowest price average in the country.