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Analyst expects decline in gas prices

Despite a slight uptick in average gas prices, one analyst says he expects the tide will turn.
Despite a slight uptick in average gas prices, one analyst says he expects the tide will turn.(WENDELL FRANKS)
Published: Aug. 9, 2021 at 1:41 PM CDT
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JONESBORO, Ark. (KAIT) - Despite a slight uptick in average gas prices, one analyst says he expects the tide will turn.

According to GasBuddy.com’s daily survey of 1,826 stations in Arkansas, the average price for a gallon of regular unleaded rose 0.5 cents in the last week to $2.87.

Consumers are currently spending 2.4 cents more per gallon than they did a month ago and $1.02/gallon more than the same time last year.

The national average ticked up 0.6 cents a gallon to $3.18.

“Motorists have seen gas prices edge slightly higher over the last week, even as the price of oil saw selling pressure,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “This leads me to believe that the tide may soon turn on gas prices.”

With the exception of hurricanes targeting the coast, De Haan says the factors driving prices higher are softening.

“I’m hopeful that in the next few weeks, we’ll start to see average gas prices declining,” he said. “However, motorists shouldn’t get too excited yet. Larger declines will likely not come until late September and October, as we transition back to cheaper winter gasoline.”

To find the cheapest gas wherever your travels take you, visit the Region 8 News Pump Patrol.

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