Winter storm-related increased costs for crude oil and rising gas prices

Little Rock, Arkansas – AAA reported a spike in petrol prices for the first time in six weeks.

The winter storm that affected fuel delivery and some refining activities nationwide, as well as the increase in crude oil prices from under $70 to $80, are two factors.

However, AAA warns that the upward trend could be transient if the bitter weather recedes and crude oil markets trend downward following reports of an increase in COVID cases in China.

“The dynamics of crude oil and gasoline markets continue to be volatile as analysts weigh domestic and international demand outlooks coupled with supply impacts from the war between Ukraine and Russia,” said AAA spokesperson Nick Chabarria. “To achieve the best fuel economy and save on higher fuel prices, practice safe driving habits, proper vehicle maintenance, and compare gas station prices using the AAA TripTik map.”

The average gas price in Arkansas is $2.77 per gallon, according to the AAA Arkansas Weekend Gas Watch.

Drivers in Texarkana pay an average of $2.85 for a gallon of gas, while those in Hot Springs pay an average of $2.72. These are the two largest urban areas in Arkansas that were studied.

According to AAA, drivers in Arkansas pay the country’s 4th lowest average gas price, while those in California pay the highest, $4.38 for a gallon of standard unleaded fuel.