Gas prices drop following jobs report

JONESBORO, Ark. (KAIT) – An analyst attributes recent declines in gas prices to new concerns over the U.S. economy.

GasBuddy.com reported Monday, Aug. 5, that the average price of gasoline in Arkansas fell 4 cents a gallon last week to $3.03.

The national average fell 3.5 cents a gallon last week to $3.44.

“With oil prices plummeting due to new concerns over the U.S. economy after a poor jobs report, gasoline prices have seen a downside in many states with the potential for more to join that trend this week,” said Patrick De Haan, head of petroleum analysis at GasBuddy.

He also noted that diesel prices have also declined. In the past week, the national average of diesel fell 2.3 cents a gallon to $3.76.

“With the Middle East on alert after Israel’s attacks on Hamas and Hezbollah, there could be an impact on oil prices,” he said. “However, with an inability to predict the outcome, I for now expect gasoline prices in most states to gently decline in the week ahead, with the Middle East situation being a wildcard.”

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