The average retail price for a gallon of gasoline in Arkansas increased 12.1 cents in the past week to $3.39 per gallon. The national average increased 11.7 cents in the past week to $3.62 per gallon.
Prices in Arkansas are 4.7 cents higher than one month ago and 22.7 cents higher than a year ago. Nationally, prices are 0.4 cents higher than one month ago and 19.5 cents higher than a year ago.
Led by higher oil prices, the fall of gasoline prices across the nation appears to be slowing down as the summer continues.
The rise in oil prices appears to be primarily due to tension in Egypt from the recent military overthrow of democratically-elected President Mohammed Morsi and the Muslim Brotherhood-led government.
Oil is currently around $103 per barrel, and was pushed above $100 a barrel for the first time since May 2012 by worries the turmoil in Egypt could disrupt oil and gas shipments through the Suez Canal
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. $3.42
El Dorado $3.43
Shreveport-Bossier City $3.29
Hot Springs $3.32
Little Rock $3.20
Jackson, Miss. $3.21
Dallas-Ft. Worth $3.34
Memphis, Tenn. $3.23