Holiday motorists enjoy savings at the pump

Holiday motorists enjoy savings at the pump

Gas at 8- year low for Thanksgiving travelers

Senior Petroleum Analyst

ARKANSAS — Average retail gasoline prices in Arkansas have fallen 3.7 cents per gallon in the past week, averaging $1.89/gallon yesterday, according to GasBuddy's daily survey of 1,826 gas outlets in Arkansas. This compares with the national average that has fallen 1.7 cents per gallon in the last week to $2.13/gallon, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Arkansas during the past week, prices yesterday were 2.5 cents per gallon lower than the same day one year ago and are 13.1 cents per gallon lower than a month ago. The national average has decreased 8.6 cents per gallon during the last month and stands 5.4 cents per gallon lower than this day one year ago.

'As motorists pack their bags and prepare to head out for Thanksgiving, gas prices are falling across much of the country,' said Patrick DeHaan, senior petroleum analyst for GasBuddy. 'With a record amount of travelers, motorists will be facing congestion not only on highways but gas stations. But at least low gas prices have lingered for much of this year. Keep an eye on word from OPEC over the holiday weekend- there could be some surprises at a major meeting to decide the fate of an oil production cut.'

According to GasBuddy historical data, gasoline prices on Nov. 21 in Arkansas have ranged widely over the last five years: $1.94/gallon in 2015, $2.66/gallon in 2014, $2.98/gallon in 2013, $3.17/gallon in 2012 and $3.20/gallon in 2011.

'But no matter what eventually takes place with the OPEC meeting, motorists are virtually guaranteed another year of gas prices that will remain well under all-time record highs as oil prices will likely remain confined between $40 and $60 for much of the next year,' he added.

From Gregg Laskoski