(The Center Square) – Arkansas motorists will pay six cents less for a gallon of regular unleaded gasoline than last week as they prepare to travel for the Thanksgiving holiday weekend.
The $2.88 per gallon pump price is also significantly lower than last year, according to AAA.
“Arkansas drivers can be thankful for the fourth lowest statewide average seen all year, just ahead of the holiday,” said AAA Spokesperson Nick Chabarria. “Not only have prices been on the decline for last six weeks, but drivers will pay 24 cents less than this time last Thanksgiving.”
Gas prices are highest in Pine Bluff at an average of $2.99 a gallon. The lowest prices are in Jonesboro, according to AAA.
Arkansas’ gas prices are the fourth lowest in the country. Texas has the lowest gas prices at $2.75 a gallon, followed by Mississippi and Georgia, according to AAA. The national average cost for a regular unleaded gallon of gasoline is $3.28.
The downward trend is due to a drop in crude oil prices and good supply, according to AAA.
Arkansans spends just over $2,130 a year on average for fuel, according to a report released Wednesday by the American Legislative Exchange Council. The organization used the average costs of a regular gallon of gasoline on April 4, 2023, and pre-pandemic data from the Federal Highway Administration to calculate the total.
High oil prices and a loss of refineries make the outlook for gasoline prices bleak, according to ALEC.
“Between global instability, misguided domestic policies, and a bleak outlook in terms of expanding the nation’s ability to refine more petroleum products, demand is high while the supply is being intentionally hamstrung by elected officials,” the report said. “Over the last four years, six U.S. crude refineries closed, while only one new refinery was built, and a second refinery was extensively upgraded. Opening new refineries or even expanding existing ones can take half of a decade or more and cost billions of dollars.”
Lawmakers can alleviate higher fuel costs by eliminating red tape and encouraging domestic oil production, the organization said.