According to AAA, on Tuesday, May 9, Arkansas was a penny away from breaking the current statewide average gas price record.

Source: Bill M | NwoReport

ARKANSAS, USA Gas prices are up nationwide and according to AAA, prices are up about 25% since Russia’s invasion of Ukraine. Arkansas is a penny away from breaking its previous record high gas price.

“Today,[Tuesday, May 10] the Arkansas statewide gas average according to AAA gas prices is $3.96,” said AAA Spokesperson Nick Chabarria. “Which is just one penny off of the all-time record high of the statewide in Arkansas set back in July of 2008.”

Within the last month or so, we have seen a dip in gas prices. However, those prices are back on the rise. Part of that reason, is the global oil market with ongoing events like the war in Ukraine.

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“What people need to remember is there is a still a lot of volatility in the crude oil market, Chabarria. “Crude oil accounts for about 50%-60% of the price that drivers pay at the pump. So, of course, when crude fluctuates, prices at the pump are going to fluctuate.”

These high prices are causing some Arkansans to tighten up their budget as they were surprised coming to the pump.

“I was like whoa,” said gas customer Alejandro Alvarez. “It’s hitting the wallet, it is what it is I have no the power to change that.”

Chabarria believes gas prices will eventually go down. However, he does not see that happening immediately. “There’s only potential for Arkansas to break it’s a previous a high for the statewide average gas price certainly tomorrow [Wednesday, May 11] if it’s going to happen.”

As we head into the summer, AAA expects gas prices to continue to fluctuate and encourages everyone to plan.

“It is really affect me,” Alaverez. “Because you have a budget, but now you have to think twice on what you want to spend and how you want to spend.”

“Expect prices to be volatile really throughout the summer,” “Again, there’s a lot of uncertainty still with the global oil market with the ongoing Russian-Ukraine war.”

According to AAA, in Northwest Arkansas, the average price of gas is $3.94. In the River Valley, the average price is $3.86. Statewide gas prices are up  $1.24 from last year.