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Gas prices reverse course, up more than 4 cents – KAIT

By Region 8 Newsdesk | February 24, 2020 at 7:11 AM CST – Updated February 24 at 9:42 AM

JONESBORO, Ark. (KAIT) -After weeks of steady declines, gas prices in Arkansas have reversed course and are heading back up.

In the past week, gas prices rose 4.5 cents per gallon, according to GasBuddy.com.

The average price for a gallon of regular unleaded now stands at $2.18. That’s 4.1 cents a gallon lower than a month ago, but 6.1 cents higher than last year’s average.

The national average price of gasoline rose 2.4 cents/gallon in the last week to $2.47.

Patrick DeHaan, head of petroleum analysis for GasBuddy, points to two reasons for the uptick in prices: the spread of coronavirus and seasonal adjustments.

“With oil prices having pushed higher in recent weeks, we saw the national average price of gasoline increase for the second straight week,” DeHaan said. “Yet with much unknown after a rocky weekend with the COVID-19 coronavirus spreading into new countries, we still could see the current uptick slow with more countries potentially locking down travel.”

In the past decade, he said the national average typically begins its seasonal rise on Feb. 9 and lasts until early May.

DeHaan says the average rise is 54-cents per gallon.

“It’s nearly guaranteed that prices will be higher by April and May,” he said. “But beyond that, the timing remains completely unknown, as does how the coronavirus will threaten overall gasoline demand.”

Copyright 2020 KAIT. All rights reserved.

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