Jonesboro, Ark. — The average price of regular unleaded gasoline in Arkansas dropped 16 cents last week, bringing the statewide average to $3.55 per gallon, according to AAA’s latest Arkansas Weekend Gas Watch.
In Jonesboro, drivers are seeing average prices of $3.48 per gallon, which represents a 15-cent decrease from last week’s average of $3.63 per gallon. Statewide, drivers in Hot Springs are paying the least, with an average price of $3.29 per gallon, while Texarkana reports the highest average at $3.68 per gallon.
Nationally, gas prices fell below $4 per gallon for the first time since July, with the average price dropping 20 cents to $3.90. AAA attributed the decline to several factors, including falling crude oil prices, the shift in production to less costly winter-blend gasoline, and a seasonal decrease in gasoline demand.
“Crude oil prices have been falling, and gas stations are selling winter-blend gasoline, which is cheaper to produce,” AAA said in a statement Thursday. “Gasoline demand also decreases during autumn, which brings down pump prices.”
Despite the recent decreases, AAA noted that current prices remain unusually high for this time of year, calling this month “the most expensive November on record for gas prices.”
According to the U.S. Energy Information Administration, domestic gasoline demand slightly declined last week, from 8.8 million barrels per day to 8.76 million barrels per day. Total domestic gasoline supply grew from 209 million barrels to 210.8 million barrels, while production decreased marginally from 9.7 million barrels per day to 9.62 million barrels per day.