Arkansas gas prices have fallen 0.7 cents per gallon in the past week, averaging $1.87 on Monday, according to GasBuddy's daily survey of 1,826 stations.
Gas prices in Arkansas are 0.3 cents per gallon higher than a month ago and stand 48.4 cents per gallon lower than a year ago.
According to GasBuddy price reports, the cheapest station in Arkansas was priced at $1.61 per gallon Monday while the most expensive was $2.39 per gallon, a difference of 78 cents per gallon. The lowest price in the state today was $1.61 per gallon while the highest was $2.39 per gallon, a difference of 78 cents per gallon.
The national average price of gasoline is unchanged in the last week, averaging $2.17 Monday. The national average is unchanged from a month ago and stands 53 cents per gallon lower than a year ago.
Historical gasoline prices for Aug. 3 per gallon in Arkansas and the national average going back 10 years:
2019: $2.35 (U.S. Average: $2.70)
2018: $2.59 (U.S. Average: $2.87)
2017: $2.10 (U.S. Average: $2.34)
2016: $1.89 (U.S. Average: $2.11)
2015: $2.37 (U.S. Average: $2.65)
2014: $3.27 (U.S. Average: $3.50)
2013: $3.38 (U.S. Average: $3.61)
2012: $3.35 (U.S. Average: $3.57/g)
2011: $3.57 (U.S. Average: $3.69/g)
2010: $2.56 (U.S. Average: $2.71/g)
Neighboring areas and their current gas prices:
Memphis- $1.98, up 0.3 cents per gallon from last week's $1.98.
Little Rock- $1.81, up 1.3 cents per gallon from last week's $1.80.
Shreveport- $1.83, unchanged from last week's $1.84.
"Impressively and for a fifth straight week, average gas prices have remained quiet, with prices fluctuating less than a a few cents per gallon over the last month. While it's been a bit of a bore, it's certainly still to motorists advantage as prices remain at their lowest seasonally in well over a decade," said Patrick De Haan, head of petroleum analysis for GasBuddy. "Gasoline demand looks to be trending higher, but just barely, which could eventually end the stable gas prices. For now, heading into the last few weeks of summer, I don't think we'll see the national average eclipse $2.25 per gallon, so if you're making plans for Labor Day, that will mean just about everyone is in the $2 per gallon range, with the exception of California and Hawaii. It won't be a bad time if you're choosing to hit the road, as over a dozen states still have average gas prices under $2 per gallon."
COVID-19 keeps demand down
As COVID-19 case numbers surpassed 4 million last week, demand for gasoline continued to weakened across the country. One of the latest Energy Information Administration (EIA) demand readings measured at 8.5 million barrels per day, which is about 11% less than a year ago. The lower demand contributed to a cheaper national average on the week – down one penny to $2.18. This was the first time since late April that the national average had declined.
"Pump prices are mostly pushing cheaper across the country as gasoline demand wanes over the past few weeks," Jeanette Casselano, AAA spokesperson, noted July 27. "Gas prices are likely to fluctuate throughout the rest of the summer due to COVID-19 concerns, with the national average possibly reaching $2.25."