GasBuddy cites falling oil and U.S.-Iran deal hopes as gas prices drop in 40 states

LITTLE ROCK, Ark. (KATV) — Last week, average gasoline prices in Little Rock have decreased by 3.6 cents per gallon and is now averaging $4.02 a gallon, according to GasBuddy’s survey of 334 stations in Little Rock.

Compared to one month ago, prices in the capital city increased by 40.5 cents per gallon.

The average price per gallon compared to last year rose by $1.30/g.

According to a release, the national average price of diesel decreased by 4.0 cents in comparison to a week ago, now standing at $5.571 per gallon.

The cheapest station in Little Rock was priced at $3.74/g yesterday, and the most expensive location for gas was $4.29/g.

Statewide, the lowest price in the state was $3.59 p/g. The highest recorded price was $5.09 per gallon.

The average gas price in Memphis is currently $4.11 per gallon, down by 5.2 cents per gallon from last week.

In Shreveport, the average gas price sits at $3.86, down by 4.7 cents per gallon from last week.

On a national scale, the average gas price is up 41.0 cents per gallon from a month ago and is $1.32/g higher than a year ago.

“Average gasoline prices declined in 40 states over the last week as falling oil prices helped offset earlier price cycling in many markets, bringing relief to motorists after several states had already seen sharp increases,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

“Much of the decline came after renewed optimism surrounding a potential U.S.-Iran agreement pushed oil prices lower, easing geopolitical pressure on energy markets. In many states, that drop created breathing room after recent price cycles and allowed pump prices to fall again. While oil continued drifting lower over the weekend on hopes of a deal, new CENTCOM reports involving U.S. defensive strikes highlight how quickly the outlook could change. For now, motorists may continue to see some relief, but it remains too early to know how long the decline will last.”