The price of gas keeps falling

Jonesboro, Arkansas – In the Natural State as well as across the country, gas costs are still declining.

Tuesday, GasBuddy.com reported that the average price of gasoline in Arkansas dropped to $2.94 from $2.94 a gallon during the previous week.

In comparison, drivers paid 10.3 cents less per gallon a month ago and 42.7 cents less per gallon last year.

The national average dropped to $3.28 per gallon last week, down 4.6 cents.

According to GasBuddy’s head of petroleum analysis, Patrick De Haan, the national average has declined for the sixth consecutive week.

“We have a lot to look forward to for the fall now that the summer driving season is over, including more drops at the pump as demand drops seasonally,” he stated, noting that the switch to less expensive winter gasoline will occur in just two weeks.

He anticipates that prices will continue to decline as long as there isn’t a significant hurricane in the Gulf of Mexico and as long as things in the Middle East get better.

“In the next two months, the national average could drop below $3,” according to De Haan.

“While it’s great news for gas prices, diesel will likely soon see its seasonal rise kick in,” the speaker issued a warning.

The average cost of diesel in the country as of Tuesday is $3.65 per gallon.

Diesel prices “may rise with winter drawing near and the economy’s likely rebound ahead of the Fed’s expected rate cut,” according to De Haan, despite a modest drop last week.