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Fuel Price Volatility Caused By World Events

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Courtesy: WikiCommons 2.0

GAS PRICE VOLATILITY - Gas prices have fluctuated of late. Last week prices overall rose slightly as concerns over supply and demand continue to drive volatility in the global crude oil market. The American Automobile Association tracks fuel costs and markets. From the AAA offices in Dallas, Texas, Spokesperson Daniel Armbruster says the price rises are related to world events.

“That continues of course because of headlines related to supply concerns due to Russia’s invasion of Ukraine,” Ambruster said. “Also, there’s a demand concern because of years of the Covid-economic slowdown in China, which is the world’s leading consumer of crude oil."

Courtesy: USEIA

The statewide gas price average for a gallon of regular is $3.86 cents. That's $1.28 cents more per gallon compared to this day last year. In Arkansas the average price per gallon is $3.79, in Louisiana, it’s $3.87 compared to the national average of $4.19 per gallon of regular unleaded gas.