LITTLE ROCK, Ark. – Gas prices continue to climb across Arkansas, according to information posted by AAA Tuesday.
The price for regular gas now averages $4.45 per gallon state-wide, up from $4.40 Monday. This is a new record for the Natural State.
Diesel is currently $5.26 average price per gallon in Arkansas, up from $5.24 the previous day but still under the record of $5.30 set on May 11.
Arkansas is still below the national average of $4.92 per gallon of gasoline, up from $4.87 on Monday. That price also marks an all-time high point for national gasoline cost average. Nationally diesel fuel, at $5.684 per-gallon average, is at its all-time high.
Arkansas rests among the states with the lowest average gas prices average nationally with its $4.45 number, compared to a breath-taking $6.37 per-gallon average in California. According to AAA, Georgia has the lowest average price ay $4.33.
One year ago, gas in Arkansas was $2.764 per gallon, with diesel at $3.037.
Logan County has the lowest prices in the state at $4.31, while Howard County in the southeast corner of the states has the highest, with an average regular gas price of $4.76.
In the Little Rock/North Little Rock metro, Tuesday’s gas price was $4.40 – slightly below the state average but above Monday’s $4.35 price average. Hot Springs is slightly higher, at $4.44 for Tuesday, up from Monday’s $4.42 per-gallon. Pine Bluff is at $4.49 for Tuesday, up from Monday’s $4.47. This is an all-time high for these locations, per AAA’s report.
A week ago, the Little Rock – Hot Springs metros were under $4.10 per gallon. Pine Bluff was an exception, at $4.21 last week.
Prices continue to be attributed to increasing oil demand, despite its $120 per barrel cost – nearly double from August 2021 – despite what AAA calls a “tightening” supply.
During the travel heavy Memorial Day weekend, demand grew from what had been 8.8 billion barrels per day, to 8.98 billion per day.
Goldman Sachs reported Tuesday that Brent crude is expected to rise to $140 per barrel this summer. This is due to increasing demand from China and diminishing Russian exports, most recently due to the EU Russian oil import ban.
Henry Ford began production of the Model T in 1908, introducing affordable personal transportation for Americans. At the time, gasoline was 20 cents per gallon. Adjusted for inflation, $1 in 1908 is $31.42 today, meaning the same gallon of 1908 gas would be $6.28 in 2022.