Gas prices expected to remain ‘stubbornly high’
JONESBORO, Ark. (KAIT) - With demand gearing up for the summer and production proceeding at a slow pace, analysts expect gas prices to remain high through Independence Day.
Arkansas gas prices edged down just 0.3 cents in the last week to an average of $2.75 per gallon, according to GasBuddy.com.
Natural State motorists are paying 4.1 cents a gallon more than they did a month ago and $1.04 than the same time last year.
The national average also rose slightly, up 0.6 cents a gallon to $3.04.
According to Patrick De Haan, head of petroleum analysis for GasBuddy, the national average has remained above $3 per gallon for the fourth straight week.
“While gas prices haven’t broken past the low $3s, they have also failed to decline much from their peak as demand for gasoline continues to push higher as the summer driving season is underway,” De Haan said.
He added that data showed gas demand last week eclipsed the prior week when millions of Americans geared up for the Memorial Day holiday weekend.
“Economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels,” De Haan said. “Our current gas prices likely won’t change much by July 4, but remain stubbornly high, barring any major curveballs to supply and demand.”
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