ARKANSAS, USA — With summer travel booming, gas prices have been a topic of concern for individuals across the country.
After one of the most expensive day of gas prices this past holiday weekend, rates have been decreasing in Arkansas as well as nationwide.
According to a survey by GasBuddy, the average price of gasoline in Arkansas now stands at $4.25 per gallon based on rates compiled from 1,826 gas stations in Arkansas. This amount is 27.2 cents lower than last month's average and 9 cents lower than last week's average gas price.
GasBuddy also reported that the cheapest gas rate in Arkansas is $3.69 per gallon while the most expensive gas rate is $5.61 per gallon.
Gas prices have continued to fall nationwide with a decrease of 12.8 cents per gallon in the last week and 34.4 cents per gallon in the last month.
"We may see the trend last a fifth week, as long as oil prices remain cooperative and don't surge beyond $105 per barrel, and as long as refinery production of gasoline remains strong," said Patrick De Haan, head of petroleum analysis at GasBuddy. "But we're not completely out of the woods yet - we could also see a sharp reversal in the decline."
De Haan also says that there is still a risk of gas prices spiking in August, however, there is hope that the decline in rates at the pump will continue for now.
To keep track of gas prices and trends in Arkansas, click here.
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