Gasoline prices fall before Thanksgiving; crude oil prices remain stable

by Jeff Della Rosa (JDellaRosa@nwabj.com)

According to the AAA, Arkansas motorists are paying the fourth-lowest average price for gasoline amid flat crude oil prices ahead of a long holiday weekend.

In Arkansas, the average price is $3.20 for a gallon of regular unleaded fuel, which is 7 cents less compared to last week and 15 cents more than this time last year. Nationwide, motorists are paying an average of $3.72 per gallon of regular unleaded, which is 8 cents less than last week and 31 cents more than this time last year.

The Arkansas average has reached a two-month low the week before 48.7 million Americans are expected to drive at least 50 miles for leisure this Thanksgiving. Prices have been trending down, and the decline can be attributed to the global cost of crude oil, the key ingredient of gasoline. The price of crude oil has flattened to a range of about $85 to $92 per barrel for several weeks.

https://talkbusiness.net/2022/11/gasoline-prices-fall-before-thanksgiving-crude-oil-prices-remain-stable/

Pre-Labor Day gasoline prices highest since 2014

by Jeff Della Rosa (JDellaRosa@nwabj.com)

Headed into Labor Day weekend, retail gasoline prices have been the highest since 2014, but Arkansas has the lowest gasoline prices in the United States, according to recent reports.

On Aug. 29, the average prices in the United States were $3.83 per gallon, 69 cents per gallon, or 22%, higher than at the same time last year, according to the U.S. Energy Information Administration (EIA). On June 13, the prices reached a peak and have since fallen by $1.18 per gallon.

According to the AAA, Arkansas has the least expensive gas price average in the United States at $3.32 per gallon. The price is 7 cents less than last week but 48 cents more than last year.

https://talkbusiness.net/2022/09/pre-labor-day-gasoline-prices-highest-since-2014/

Grain, fertilizer, fuel prices impacted by Russian war in Ukraine

by George Jared (gjared@talkbusiness.net)

Russia’s invasion of Ukraine has impacted many economic sectors on a global scale and agriculture will be directly affected on several fronts. Grain markets have become more volatile and high fertilizer and fuel prices are going even higher.

Russia and Ukraine account for about 29% of global wheat trade and Russia is the world’s top wheat exporter. Ukraine accounts for about 16% of global corn exports. Scott Stiles, agricultural economist for the University of Arkansas System Division of Agriculture, said the situation will offer both opportunities and hardships for growers in Arkansas and elsewhere.

Oil prices traded at more than $122 per barrel on Monday (March 7) after it spiked for a short time to $130 per barrel. Gas prices inched towards all-time highs across the U.S. at $4 per gallon. Diesel prices are even higher and several analysts predict oil could rise to $200 a barrel before the conflict is over.

https://talkbusiness.net/2022/03/grain-fertilizer-fuel-prices-impacted-by-russian-war-in-ukraine/