Arkansas gasoline prices drop 5 cents since last week

Little Rock, Arkansas – This week brought some good news for drivers in Arkansas as gas prices fell for the first time in a month.

According to AAA, the cost of petrol in Arkansas has decreased by 5 cents over the last week. Since prices began their most recent ascent in September, this average price change is the first down.

According to AAA, the price of a gallon of regular in Arkansas on Thursday is $3.35. This is lower than the $3.40 state average from seven days ago and down from Wednesday’s average of $3.63.

According to AAA, the average price of the ordinary in Arkansas last month was $3.20, and last year it was $3.05. Gas prices in the Natural State reached an all-time high of $4.54 in June.

The Fayetteville-Springdale-Rogers metro area in Northwest Arkansas has the highest average price in the state at $3.45 a gallon. With the lowest average gas prices in the state at $3.27 per gallon, Hot Springs, Jonesboro, and Little Rock-North Little Rock are at the bottom of the curve.

The national average price for a gallon of gas is $3.84, which is 48 cents more than the average price from a year ago but is down 8 cents from seven days ago.

In order to support petroleum prices, the Organization of the Petroleum Exporting Countries said on October 5 that it will reduce oil output by 2 million barrels per day. Following the release of 15 million barrels of oil in March, President Biden declared on Tuesday that the Strategic Petroleum Reserve of the United States would continue to release oil.

According to a AAA spokeswoman, despite a tumultuous market and a limited supply, the strategic reserve’s release could assist stabilize crude oil prices and keep pump costs on the decline.