Average retail gasoline prices in Arkansas have risen in the past week, averaging about $2.10 a gallon.
According to both the AAA Fuel Gauge Report, and GasBuddy.com, the national average has also gone up about 3 cents to about $2.34 a for a gallon of regular unleaded.
Neighboring states Oklahoma, Missouri and Texas have also seen state averages go up to $2.13, $2.09 and $2.17, respectively. State average gas prices are $2.15 in Louisiana, $2.09 in Mississippi and $2.14 in Tennessee. Arkansas and its neighboring states, however, remain in the top 10 cheapest gas states.
The latest Energy Information Administration (EIA) report shows gasoline demand reached a new weekly record of 9.842 million barrels per day. The 2017 demand average over the past four weeks is about 1 percent ahead of the same four-week period last year. With summer demand running full steam ahead, drivers can expect prices to continue rising.
Including the change in gas prices in Arkansas during the past week, prices yesterday were 19.3 cents per gallon higher than the same day one year ago and are 10.3 cents per gallon higher than a month ago. The national average has increased 7.3 cents per gallon during the last month and stands 21.6 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on Aug. 7 in Arkansas have ranged widely over the last five years: $1.91 in 2016, $2.34 in 2015, $3.25 in 2014, $3.36 in 2013 and $3.41 in 2012.
Areas near Arkansas and their current gas price climate: Memphis, $2.19, up 4.5 cents per gallon from last week's $2.14; Little Rock, $2.07, up 4.4 cents per gallon from last week's $2.03; Shreveport, $2.11, up 6.8 cents per gallon from last week's $2.04.
"For the third straight week, gasoline prices have accelerated with the national average at its highest level in over eight weeks, driven by rising oil prices as inventories continue to tighten and concern over Venezuela lingers," Patrick DeHaan, senior petroleum analyst for GasBuddy, wrote in his weekly report. "Looking behind us however, gas prices have remained in a relatively tight range for the last year, staying within a 30-cent wide range. While we're likely to see gas prices continuing to move higher in the week ahead as they catch up to oil, we're unlikely to break out of the well-established rut in the national average, which has kept prices between $2.12 and $2.42 for the last 15 months."