Oil prices have been on the rebound lately following the Organization of Petroleum Exporting Countries election last week to cut its collective production.
The national average price of regular unleaded gasoline has increased for a week to about $2.18 per gallon. The state averages for Arkansas and Oklahoma are $1.963 and $1.986, respectively, according to the latest AAA Fuel Gauge Report.
The latest national average represents an increase of 5 cents per gallon compared with one week ago, 4 cents less than one month ago and 14 cents more than the same date last year.
The OPEC production deal, which is set to take effect in January, calls for a production cut of 1.2 million barrels per day by the cartel as “an effort to rebalance the global oil supply and raise prices,” AAA points out.
OPEC and non-OPEC members such as Russia are set to meet again in Vienna on Saturday to focus on additional production limits.
Russia has indicated it would participate in the deal, but has also failed to follow through on similar agreements in the past, AAA noted.
“Traditionally, this time of year gives way to lower gas prices as a result of cheaper to produce winter-blend fuel and less demand,” the Fuel Gauge Report states. “However, due to the agreement from OPEC it is still unclear if prices will retreat considerably ahead of the upcoming holiday."
Average gas prices are still below $2 per gallon in eight states, including Arkansas, Texas, Missouri, Oklahoma, Kansas, Mississippi, South Carolina and Alabama.
According to historical data at GasBuddy.com, gasoline prices the first week of December in Arkansas have ranged widely over the last five years: $1.84 in 2015, $2.52 in 2014, $3.04 in 2013, $3.16 in 2012 and $3.12 in 2011.