Arkansas gas prices jump 38 cents a gallon
National average also surges as oil tops $100 per barrel following U.S. strikes on Iran
JONESBORO, Ark. (KAIT) -Average gasoline prices in Arkansas rose 38.1 cents a gallon in the last week.
According to GasBuddy’s survey of 1,826 stations in Arkansas, regular unleaded gasoline was averaging $2.96 a gallon Monday.
That’s 52.2 cents higher than a month ago and 24.1 cents higher than a year ago.
National prices also climbing
The national average rose 51.1 cents a gallon last week to $3.45—41.6 cents more than a year ago.
“In just a week, consumers have seen gasoline prices surge at one of the fastest rates in years after oil prices spiked following U.S. strikes on Iran and the effective closure of the Strait of Hormuz,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows.
Effects of Mideast conflict on oil and gas
More increases possible
De Haan warned that gas prices in many states could climb another 20 to 50 cents a gallon this week.
“Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react,” he said.
The national average price of diesel increased 85.9 cents a gallon in the last week to $4.599.
“While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation,” De Haan said.
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