GasBuddy reports decrease in gas prices

JONESBORO, Ark. (KAIT) - In the last week, Arkansas gas prices fell 5.5 cents.

GasBuddy.com surveyed 1,826 stations in Arkansas, and as of Monday, Feb. 27, the state’s average gallon of gas is $2.98.

Prices in Arkansas are 17.5 cents per gallon lower than a month ago and stand 22.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, on Feb. 26, the cheapest station in Arkansas was priced at $2.65 per gallon. The most expensive was $3.99 per gallon, a difference of$1.34.

The national average price of gasoline fell 4.3 cents per gallon in the last week, averaging $3.33. The national average is down 17.6 cents per gallon from a month ago and 26.3 cents per gallon lower than a year ago.

Patrick De Haan, head of petroleum analysis at GasBuddy, said oil and wholesale gasoline prices “fell on worrisome inflation figures showing the Fed likely to ramp up rates to slow inflation.”

He said motorists should expect prices to make a U-turn and ramp back up.

“But that could at least be partially offset by inflationary data that continues to be hotter than expected, leading to anxiety that the Fed will boost interest rates and cooling the economy and oil demand considerably,” he concluded.

For the cheapest gas prices wherever you travel, visit the Region 8 News Pump Patrol.