The average retail price for a gallon of gasoline in Arkansas decreased 0.6 cents in the past week to $3.32 per gallon. The national average decreased 0.4 cents in the past week to $3.57 per gallon.
Prices in Arkansas are 14.7 cents lower than one month ago and 19.5 lower than a year ago. Nationally, prices are 10.8 cents lower than one month ago and 13.0 cents lower than a year ago.
In total, Americans are spending $50 million less per day than they were last year when gasoline prices were 13 cents higher, according to petroleum analysts.
Most states are seeing averages lower than one year ago, and as summer ends, prices are expected to continue to fall as discretionary travel ends and demand falls. Gasoline prices are expected to continue to drift lower in the coming days and weeks.
The recent rise in the price of oil also appears to have stabilized after tension in Egypt earlier this summer.
The biggest threat to gasoline prices remaining is the Atlantic hurricane season, which could lead to the shutdown of refineries and oil rigs in and along the Gulf of Mexico, causing spikes in prices across the country.
Local & Regional Prices
Springhill, La. $3.30
El Dorado $3.31
Shreveport-Bossier City $3.22
Hot Springs $3.19
Little Rock $3.14
Jackson, Miss. $3.13
Dallas-Ft. Worth $3.27
Memphis, Tenn. $3.22