Arkansas drivers will pay an average of $3.80 per gallon of regular gasoline this month versus $2.68 last year. This is a 41.6 percent increase equaling $1.12 per gallon.
Of the eight Arkansas metropolitan areas analyzed, drivers in West Memphis faced the largest price hike at the pump in the last year of $74.73. Fort Smith (AR only) was spared the worst pain, with the price of gas rising $62.45 from May 2021 to May 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
Arkansas drivers average 1,435.3 miles and use 59.3 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| West Memphis | $3.91 | $2.65 | $1.26 | 47.6% | $74.73 |
| Texarkana (AR only) | $3.94 | $2.74 | $1.20 | 43.9% | $71.29 |
| Fayetteville-Springdale-Rogers | $3.81 | $2.67 | $1.14 | 42.9% | $67.85 |
| Little Rock-North Little Rock | $3.73 | $2.61 | $1.13 | 43.2% | $66.84 |
| Jonesboro | $3.77 | $2.68 | $1.09 | 40.7% | $64.77 |
| Pine Bluff | $3.78 | $2.70 | $1.08 | 40.0% | $64 |
| Hot Springs | $3.74 | $2.68 | $1.07 | 39.8% | $63.17 |
| Fort Smith (AR only) | $3.72 | $2.67 | $1.05 | 39.4% | $62.45 |
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