Gas prices fall as demand slows
JONESBORO, Ark. (KAIT) - Arkansas motorists are paying a little less for gasoline.
According to GasBuddy.com, the average price for a gallon of regular unleaded fell 1.2 cents in the past week to $2.86.
That’s still 0.9 cents a gallon more than a month ago and $1.01/gallon higher than last year.
The national average price of gasoline fell 0.5 cents in the last week to $3.17.
Patrick De Haan, head of petroleum analysis for GasBuddy, attributes the drops to the number of COVID-19 cases surging globally.
“Oil prices continue to be under pressure due to some countries instituting travel and movement limitations,” he said Monday. “This limits oil demand, which has led to the increase in gas prices slowing.”
Barring a major hurricane in the Gulf Coast, De Haan said motorists could see some stability in gas prices in the coming weeks.
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