Drivers in Arkansas and Oklahoma have seen prices fall 6 cents or more a gallon in the past week.
Prices averaged $2.26 gallon Monday in Arkansas and $2.23 in Oklahoma, according to consumer reports made at GasBuddy.com.
The national average price has also dropped about 6 cents in the past week to $2.47 for a gallon of regular unleaded, according to GasBuddy. AAA puts the national average at $2.49, which is about 18 cents lower than it was a month ago.
For the first time since Hurricane Harvey made landfall in Texas Aug. 25, the region’s gasoline inventories increased this week by 1.9 million barrels for a total inventory of 76 million barrels.
According to AAA, this positive build indicates supply levels are getting closer to normal. However, year-over-year, the region sits at a 7.8 million-barrel supply deficit, the U.S. Energy Information Administration states. However, the latest EIA report measured gasoline demand at 9.2 million barrels a day, down 281,000 barrels a day from just one week ago.
Including the change in gas prices in Arkansas during the past week, prices Monday were about 19 cents per gallon higher than the same day one year ago and are 17 cents per gallon lower than a month ago. The national average has decreased 19.3 cents per gallon during the past month and stands 21.4 cents per gallon higher than this day one year ago, AAA reports.
According to GasBuddy historical data, gasoline prices on Oct. 9 in Arkansas have ranged from $2.04 in 2016, $2.11 in 2015, $3.06 in 2014, $3.11 in 2013 and $3.58 in 2012.
"Gas prices have today entered their fourth straight week of declining nationally, a trend unlikely to be interrupted by Hurricane Nate over this past weekend," says Patrick DeHaan of GasBuddy.com.
Hurricane Nate did little to disrupt the flow of fuel to market while having a larger impact on oil rigs, DeHaan noted. Since the nation is “awash in crude oil,” Hurricane Nate did not increase oil prices.
Nationally, prices still stand about 15 cents per gallon higher than their pre-Hurricane Harvey level, but the gap will continue to slow as prices slowly trickle down, DeHaan added.