Arkansas gas prices hit record highs this year

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

ARKANSAS, USA – Gas prices are on the rise across the country and according to AAA, prices have risen about 25% since Russia invaded Ukraine. Arkansas is one penny away from beating its previous record high gasoline prices.

“Today,[Tuesday, May 10] the statewide average of gas in Arkansas based on AAA gas prices is $3.96,” said AAA spokesman Nick Chabarria. “Which is only a penny away from the all-time Arkansas State record set in July 2008.”

Over the last month or so, we’ve seen a decline in gasoline prices. However, these prices have started to rise again. Part of that reason is the global oil market with ongoing events like the war in Ukraine.

“What people need to remember is that there is still a lot of volatility in the crude oil market, Chabarria. So, of course, when crude fluctuates, prices at the pump will fluctuate.

These high prices push some Arkansans to tighten their budget because they were surprised when coming to the pump.

“I was like whoa,” gas customer Alejandro Alvarez said. “It hits the wallet, it is what it is, I don’t have the power to change that.”

Chabarria thinks gas prices will eventually come down. However, he does not see this happening immediately. “There is only potential for Arkansas to break its previous record for the average price of gasoline statewide certainly tomorrow [Wednesday, May 11] if it will happen.

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

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

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

According to AAA, in northwest Arkansas the average gas price is $3.94. In the river valley, the average price is $3.86. Statewide gas prices were up $1.24 from a year ago.

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