LITTLE ROCK, Ark. — If you have filled up your gas tank recently, you have probably noticed a change in July. Gas prices appear to finally be trending down in Arkansas after months of steadily rising.
In Little Rock, many places are now offering regular unleaded gas below $4 a gallon.
It’s especially important for Demetris Jackson, who recently relocated his business from Michigan to Arkansas partly because of how much he was paying.
“Coming from five dollars to four. It’s great for me right now,” Jackson expressed.
He’s enjoying what many are, the lowest gas prices Arkansans have seen in months. In the Little Rock metro area Monday, gas was 42¢ cheaper than a month ago and 16¢ cheaper than last week.
“Even more money in my pocket,” Jackson celebrated.
According to AAA Spokesman Nick Chabarria, “It’s a little too early to say if this is going to be a continuing trend.”
Chabarria said a large contributor to cheaper prices is the cost of crude oil which dropped below $100 dollars a barrel this month. That’s partly due to demand dropping 13% when compared to this time last year.
Chabarria added, “Oil is also a speculative market, and right now there is some concern globally of a possible economic downturn.”
Any recession would further decrease demand and the value of oil.
Regardless, drivers do have trends to look forward to. As students soon return to school and fewer people take vacations, demand starts to stall.
It is record-breaking hot now, but when temperatures finally cool, the winter blend of gasoline will be cheaper to produce.
For now, drivers like Jackson are watching prices closely. “The budget for me, ehh, it could be better,” Jackson said.
Like many, he is trying to make the best decision with every dollar he now does not have to spend on gas.
“I got to save right now because either everything goes back up or I have to make sure I have enough to save,” Jackson concluded.
For the cheapest prices in your area, you can check our gas tracker tool on our website.
As of Monday, the cheapest counties to fill up in the state are in Central and Northeastern Arkansas. The difference between the cheapest average gas price in Greene County and the most expensive in Montgomery County is 67 cents.