Gas Prices Continue to Decline Across Arkansas

Gasoline prices in Arkansas have continued their downward trend, dropping an average of 5.5 cents per gallon over the past week. According to a survey of 1,826 stations conducted by GasBuddy, the current state average now stands at $3.34 per gallon.

This recent dip is part of a larger monthly decline; prices in Arkansas are currently 43.4 cents lower than they were one month ago. However, consumers are still paying more than they did a year ago, with current prices sitting 61.9 cents higher than the previous year's average. This trend mirrors the national market, where the average gas price fell to $3.71 per gallon. Additionally, the national average for diesel saw a significant decrease of 11.8 cents, landing at $4.75 per gallon.

Price variations remain stark across the state. The most affordable gas was found in Jonesboro at $2.96 per gallon, while the most expensive reached $4.99, creating a gap of $2.03. In north central Arkansas, the Shell station in Leslie reported the lowest price at $3.39. Other regional averages include Marion County ($3.47 to $3.51), Searcy County ($3.39 to $3.69), and Boone County ($3.53 to $3.79).

Patrick De Haan, head of petroleum analysis at GasBuddy, noted that while prices fell in nearly every state, this July 4th holiday marked the third most expensive Independence Day on record. De Haan explained that global supply issues are preventing a sharper decline in costs. Specifically, attacks on Russian refinery infrastructure have forced Russia to shift from exporting to importing fuel. This has tightened global supplies and increased pressure on refining costs. According to De Haan, significant further drops at the pump may be limited until the global refining situation improves.

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