LITTLE ROCK, Ark. (KTHV) -- Increased demand and more expensive oil costs have pushed push gas prices higher over the past few weeks. Although gas prices are on the rise these are still some of the lowest prices we've had in a decade.
$2 a gallon is the statewide average for gas in Arkansas.
Gas prices are down thirty cents from one year ago, according to Michael Pakko, chief economist at UALR.
“These are the lowest gas prices we've experienced in the past decade.”
This is the lowest gas prices have been since the recession in 2009. Gas prices have been edging up over the past few weeks and Pakko says people’s expectations fluctuate up and down along with gas prices.
He says people are more sensitive to changes in gas prices than they are other commodities.
People that THV11 spoke with had very different ideal gas prices; they ranged from ninety five cents a gallon to $2.20 a gallon.
Most people said they heard different reasons for the constant variation in prices.
One person said, “Production and how much they're releasing and how much we're buying from overseas.”
Another person said, “People in Iraq and Iran and over there they want to continue to have that money flow like they did when the gas prices were higher.”
Pakko says the actual reason behind the fluctuation in gas prices is seasonal variation.
He says we can expect to see a little more of an increase over the summer months and the prices should go back down leading into winter months.