Drivers in Arkansas are finding some of the nation’s lowest gasoline prices as fuel costs continue to decline across the United States, according to new data from GasBuddy.
The lowest reported price in Arkansas on Monday was $2.06 per gallon at Sam’s Club locations in Fort Smith and Conway. Nationally, the average price of gasoline fell 4 cents over the past week to $2.75 per gallon. Prices are down 22.6 cents from a month ago and 22.4 cents lower than this time last year.
The national average price of diesel also dropped, falling 5.4 cents in the last week to $3.521 per gallon, based on GasBuddy data compiled from more than 12 million price reports at over 150,000 gas stations nationwide.
Patrick De Haan, head of petroleum analysis at GasBuddy, said gasoline prices have declined for five consecutive weeks, with nearly every state seeing prices move lower. He said oil prices have remained relatively low, even amid the U.S. blockade on Venezuela’s oil exports.
De Haan said refineries are running at seasonally high levels and gasoline inventories are building, helping drive prices lower in most states. He added that while some price-cycling markets have seen slower declines, stations in nearly a dozen states have dipped below $2 per gallon.
Analysts say prices could continue to fall before reaching a seasonal low in January or February.
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