LITTLE ROCK, Ark – Good news for Arkansas drivers at the gas pump.
AAA is reporting that Arkansas is now closing in on below $4 a gallon for gas in its July 21 update with a $4.04 average price in the state. While it is still $1.19 above the average of a year ago, it still puts the Arkansas per-gallon price 17 cents below last week’s average price.
Fort Smith has the highest average gasoline price in the state at $4.18 a gallon, while Jonesboro sets the bottom of the curve at a $3.84 a gallon average price.
Why do gasoline prices fall slower than they rise?
Metro areas in the state are reporting gas below $4 a gallon for the first time since May 11. Arkansas’s high for gasoline was June 14, at a $4.53 a gallon average.
Central Arkansas is showing an average of $3.97 a gallon in the Little Rock metro, down from last week’s $4.13. Pine Bluff is $4.09 a gallon, down from $4.30 a week ago.
Arkansas is enjoying the eighth lowest gas prices in the country, while California is the highest per-gallon average at $5.82. The national average is $4.44 a gallon of gasoline. This national average is also down, in this case 16 cents from a week ago but still $1.28 more than a year ago.
Gasoline prices dip a quarter from recent $5 highs
Nationally, gasoline demand is down 8% from this time last year, although last week saw a 6% rise in demand. Current demand is 8.5 billion barrels of crude per day, putting it at the lowest since July 2020, when coronavirus restrictions kept demand low.
“Relatively lower demand and cheaper crude oil prices means drivers are getting some much-needed relief at the pump,” AAA Spokesperson Nick Chabarria said. “July typically brings some of the highest demand of the year for gasoline with summer travel, but that hasn’t been the case so far this month.”