‘Bumpy road ahead’ for gas prices
JONESBORO, Ark. (KAIT) - While gas prices last week did not rise as much as in weeks past, analysts warn there is a “bumpy road ahead.”
According to GasBuddy.com’s survey of 1,826 gas stations in Arkansas, gas prices rose one cent in the last week to an average of $2.68/gallon.
That is 31.6 cents a gallon higher than motorists paid last month, and 80.3 cents higher than a year ago.
Meanwhile, the national average fell 0.3 cents per gallon in the last week to an average of $2.86.
Patrick De Haan, head of petroleum analysis for GasBuddy, said some relief could be on the way.
“Motorists filling their tanks may soon see a brief respite from rising gas prices,” he said in a Monday news release.
De Haan pointed to inflation fears and worries of a surge of COVID-19 cases in Europe for affecting demand and causing oil prices to sag.
“While gas prices still rose in a majority of states last week, we may see some price decreases in the week or weeks ahead, even as U.S. gasoline demand continues to rally to the highest level since the pandemic started nearly a year ago,” he said.
De Haan cautions “it will be a bumpy road” ahead as the markets sort themselves out.
“But I still believe prices will likely experience more upward momentum ahead of Memorial Day,” he said.
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