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How long will lower gas prices last in Arkansas?

Arkansans are seeing long lines at some gas stations after the largest weekly decrease in gas prices this year, but many wonder how long this will last.

LITTLE ROCK, Ark. — With Arkansas seeing its largest weekly decrease in gas prices this year, long lines are forming at some gas stations in central Arkansas.

It's for a good reason, as drivers in the state are currently paying an average of $4.30 a gallon. 

In some places, that average has dipped down even lower, with some gas stations seeing prices as low as $3.83 since Friday.

Nick Chabarria with AAA said there is a high gasoline demand right now, but a lot are asking why we are seeing a decline in fuel prices?

Chabarria said that this is in part due to lower crude oil prices.

"Earlier this week, it dropped below $100 a barrel for a time. That was the first time in nearly two months that Crude Oil was going for under $100 a barrel," Chabarria said.

Another reason, he added, is because oil producers are preparing for a possible drop in demand toward the end of the summer.

"Prices have been high for so long, as well as other inflation costs, you know, possibly altering folks traveling or driving habits," Chabarria said.

For locals like Lamar Tatum, the decline is a welcomed sight, with higher prices having caused financial issues for both him and his family.

"It just gives you a relief from having to decide if I need gas or if I need food. I wanted to catch the bus," Tatum said. "It took money out of the household for things that I needed to do otherwise."

A big question on a lot of minds is how long will this last?

Chabarria said it's too early to tell, but points out some factors we should keep an eye on.

For example, with hurricane season approaching, if a storm were to destroy a refinery in the gulf coast, that could also impact gas prices.

"A lot is going to depend on consumer spending habits, [and] where the overall economy is headed," Chabarria said.

Right now, Tatum said he'll be taking advantage of the price relief.

"It helped me out financially," Tatum said.


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