Gas prices ticking up in Northwest Arkansas area
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A gallon of gas cost $3.51 on average across Northwest Arkansas as of Aug. 1, per the app GasBuddy.
- That's compared to the nationwide average of $3.76 and is up 3.3% from August 2022.
The big picture: Nationwide, average gas prices are up a bit from winter months — as expected, based on historical patterns — but lower than last year's highs of nearly $5.
Yes, but: Gas prices ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, home to many of the country's oil refineries.
Why it matters: America is a nation of car travelers, with the average person driving nearly 13,500 miles per year.So higher gas prices take a bigger toll on our wallets — and contribute to overall inflation.
Zoom in: Compared to a year ago, gas prices have come down most significantly in Idaho (-14.4%), Nevada (-12.1%) and Massachusetts (-11.0%).
- They've gone up most significantly in Iowa (+6.1%), Florida (+5.7%) and Georgia (+5.7%).
What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.
- Saudi Arabia's continued oil production cut also stands to increase energy prices.
The bottom line: "The pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement this week.
- But "the respite from gasoline rising may not last long."