By Rob Moritz
Arkansas News Bureau
LITTLE ROCK — Gasoline prices are starting to drop, just in time for the July 4th holiday and summer vacation.
The national average for a gallon of gas dropped 5 cents in the past week to $2.66 a gallon on Monday.
In Arkansas, gas prices dropped 7 cents in the past week to $2.51 on Monday, said Mike Right with the AAA.
“I don’t foresee any major changes in gasoline prices in the immediate future,” Right said. “If anything, we might see some continuing moderation of gasoline prices.”
Right said gas prices have dropped because crude oil is now below $70 a barrel, the wholesale price of gas is down and people are driving slightly less than they did a year ago.
“If crude oil continues to hover slightly below $70 a barrel we should enjoy a relatively inexpensive summer drive season,” Right said.
Last summer, regular gas averaged $3.81 a gallon nationally and soared past $4 for a time. The price set a record in Arkansas on July 17 at $3.97 a gallon.
Right said the AAA is expecting driving to be down about 1.9 percent this July 4 weekend compared to last year, “primarily due to the state of the economy and overall anxiety of personal finances.”
“People are traveling less,” he said.
However, Arkansas tourism officials said Monday they have not seen a drop in travel.
“We’ve seen a lot of families traveling for two or three day vacations, instead of a week,” said Dena Woerner, communications manager for the state Department of Parks and Tourism.
Jim Henry, in the department’s marketing and revenue division, said state parks across the state are full most weekends, but exact information will not be available until next month, after the current fiscal year ends.
“During Memorial Day, the Fourth of July and Labor Day we’re always full,” he said.
Joanne Hinson , director of research and information for the department, said a good way for agency officials to monitor tourism in the state is by watching the 2 percent tourism trust fund, a tax on lodging, restaurants and tourism attractions.
So far this year, the amount of money in the trust fund is at or slightly above previous years.
“So far we’re OK,” she said. “We’re not at the point where we’re seeing a decline.”
