The average retail price for a gallon of gasoline in Arkansas decreased 5.6 cents in the past week to $3.27 per gallon. The national average decreased 5.7 cents in the past week to $3.50 per gallon.
Prices in Arkansas are 6.1 cents lower than one month ago and 19.1 cents higher than a year ago. Nationally, prices are 13.6 cents lower than one month ago and 12.9 cents higher than a year ago.
Analysts say a price surge in recent weeks appears to be abating, with gasoline prices decreasing across the country.
A decrease in wholesale prices has led to a similar decrease in retail prices at the pump. Currently, one in five states has at least one gas station with prices under $3.00 per gallon. Gasoline prices continue to decline from their peak earlier this spring.
The biggest threat to gasoline prices now appears to be the Atlantic hurricane season which started in June and could cause the shutdown of refineries and oil rigs in and along the Gulf of Mexico, leading to spikes in prices across the country.
Local & Regional Prices
Springhill, La. $3.24
El Dorado $3.43
Shreveport-Bossier City $3.22
Hot Springs $3.21
Little Rock $3.19
Jackson, Miss. $3.17
Dallas-Ft. Worth $3.29
Memphis, Tenn. $3.15