March 21, 2023

Pre-Labor Day gasoline costs highest since 2014

Headed into Labor Day weekend, retail gasoline costs have been the best since 2014, however Arkansas has the bottom gasoline costs in the US, in response to current experiences.

On Aug. 29, the common costs in the US had been $3.83 per gallon, 69 cents per gallon, or 22%, increased than on the identical time final 12 months, in response to the U.S. Power Data Administration (EIA). On June 13, the costs reached a peak and have since fallen by $1.18 per gallon.

In accordance with the AAA, Arkansas has the least costly gasoline worth common in the US at $3.32 per gallon. The worth is 7 cents lower than final week however 48 cents greater than final 12 months.

The statewide worth continues to fall as the worth of crude is impacted by competing points, together with issues about an financial slowdown and Russia’s invasion of Ukraine. The earlier, amid inflation and rising rates of interest, is placing downward stress on the costs, whereas the latter is maintaining them elevated, in response to the AAA. Additionally, the costs may very well be affected on account of hurricanes and Labor Day weekend journey.

“The fee for gasoline is at its lowest level in six months as thousands and thousands of drivers put together to hit the highway for the final weekend of summer season driving season,” mentioned AAA spokesman Nick Chabarria. “Nonetheless, crude oil costs stay delicate to any provide or demand information with the continued conflict in Ukraine. Crude makes up roughly 60% of the price of a gallon of retail gasoline.”

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This weekend, AAA expects 32% of Individuals will journey, and of these, 82% will achieve this by automobile.

Whereas Arkansas has the bottom gasoline worth common within the nation, California has the best at $5.30 per gallon. Texas has the second least costly gasoline worth common at $3.34 per gallon.