By Deseray McKinzy
Media reports have been booming with the recent Colonial Pipeline shut down due to a cyber attack while gas prices in Arkansas continue to climb. The shutdown has been reported to affect inventory across the southeast and the east coast.
According to sources, gas prices in Arkansas currently sit at $2.72 per gallon after sitting at $2.68 a month ago.
Chief Economist and State Economic Forecaster at UA-Little Rock Michael Pakko said to sources that it’d be tough to forecast gas prices for the next week or month because of several factors, but if the pipeline shutdown lasts longer, the effects could be more drastic.
Pakko also added that while no one should panic, you should remain mindful of gas consumption over the next week.
“Once this current situation is resolved, things should go back to a relatively stable environment,” Pakko said.
The current average gas price in the country is $3.033 which is almost a $2 increase from one year ago.