JONESBORO, Ark. (KAIT) – Arkansas drivers are finding little relief at the pump as gasoline prices in the Natural State remain stubbornly high, even as the national average begins to flatten.
According to the latest AAA Arkansas Weekend Gas Watch, the statewide average for a gallon of regular unleaded fuel stands at $3.77. While that is a slight two-cent drop from last week, it represents a staggering 98-cent increase compared to this same time last year.
Drivers in the Fayetteville-Springdale-Rogers metro area are currently facing the state’s highest average at $3.82 per gallon. On the other end of the spectrum, drivers in Hot Springs are seeing the lowest average at $3.67 per gallon.
The National Picture
Nationally, the average price for a gallon of regular unleaded has held steady over the last week at $4.09 (officially $4.098 today). However, much like the state level, national pump prices are significantly higher than they were one year ago.
Here is how current prices stack up:
Today’s National Average: $4.098One Week Ago: $4.091One Month Ago: $3.847One Year Ago: $3.140Why Are Prices Stuck?
Typically, August brings relief at the pump as summer road trips wind down. However, several market pressures are keeping prices elevated:
Crude Oil Costs: West Texas Intermediate (WTI) crude rose $5.20 to settle at $84.46 a barrel. Crude inventories dropped by 7.2 million barrels last week, leaving U.S. reserves about 7% below the five-year average. Ongoing instability near the Strait of Hormuz is also keeping the oil market volatile.Rising Demand: According to the Energy Information Administration (EIA), national gasoline demand actually rose last week from 8.94 million to 9.04 million barrels per day.Supplies and Production: Total domestic supply remained flat at 211.3 million barrels, though production did tick up to average 9.9 million barrels per day.National Extremes
Arkansas remains on the lower end of the national spectrum. The most expensive markets are led by California ($5.64) and Hawaii ($5.46), while the cheapest gas can be found in Indiana ($3.56) and Texas ($3.64).
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