Gas prices dip toward 15-year lows
Gas prices dip toward 15-year lows
Rates down nearly five cents this week alone
By Gregg Laskoski Sr. Petroleum Analyst
LITTLE ROCK – Average retail gasoline prices in Arkansas have fallen 4.9 cents per gallon in the past week, averaging $ 1.47/gallon yesterday, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has fallen 3.9 cents per gallon in the last week to $1.69/gallon, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Arkansas during the past week, prices yesterday were 63.7 cents per gallon lower than the same day one year ago and are 20.7 cents per gallon lower than a month ago.
The national average has decreased 23.0 cents per gallon during the last month and stands 55.5 cents per gallon lower than this day one year ago.
According to GasBuddy historical data, gasoline prices on Feb. 15 in Arkansas have ranged widely over the last five years: $2.ll/gallon in 2015, $3.14/gallon in 2014, $3.49/gallon in 2013, $3.40/gallon in 2012 and $2.98/gallon in 2011.
Areas nearby Arkansas and their current gas price climate: Memphis- $ 1.54/gallon, down 4.1 cents per gallon from last week's $1.58/gallon.
Little Rock- $1.51/gallon, down 4.9 cents per gallon from last week's $1.56/gallon.
Shreveport- $1.49/gallon, down 4.9 cents per gallon from last week's $ 1.54/gallon.
“We are mid-February and 45 out of 50 states have a state gas average below $2 and the national average is at a multi-year low. Sadly, these incredibly low gas prices won’t be here forever, as refineries talk of production cuts with crude oil at 13 year low.
Additionally, their Spring turnarounds and the changeover to summer spec gasoline also loom ominously on the horizon.
The sooner the refineries can complete their maintenance and start producing gasoline again the better for drivers everywhere,” said Jeff Pelton, a GasBuddy.com senior petroleum analyst.
