By Arkansas Black Vitality Staff

May 1, 2026 – Pump prices in Arkansas are looking to breach the $4 per gallon mark in the coming weeks as oil prices surge above $100 per barrel with no indication of when the Strait of Hormuz will reopen, experts say.

And with the traditional summer driving season only weeks away ahead of the Memorial Day weekend, Arkansas and U.S. motorist seeking a vacation getaway are expected to face skyrocketing travel costs related to rising fuel costs and inflation.

As of today, the average price for a gallon of gasoline in Arkansas sits at $3.84, up 27 cents from a week ago and whopping $1.06 cents from a year ago, according to AAA’s weekly gas gauge report.

The nation’s average price of gasoline is even higher, rising has rising over 30 cents over the last week and now stands at $4.39 per gallon, according to AAA data compiled each week from data from the Energy Information Administration (EIA), part of the U.S. Department of Energy.

CONSUMERS FACING RISING “GAS TAX”

In a recent research report, Bank of America economist Matthew Yep said rising energy costs due to the Iran war have blunted the long-anticipated boost to consumer spending from year tax refunds in April, which are up by $43 billion from a year ago.

“However, we estimate that the gas price spike has already cost the consumer $19 billion. With Tax Day behind us, the stimulus tailwind is likely to slow (while) gas prices continue to rise,” said Yep. “Spending has held up well so far, but unless there is relief at the pump, the “gas tax” should start to weigh increasingly on the consumer in coming months.

Patrick De Haan, head of petroleum analysis at GasBuddy.com, said fuel market volatility is likely to remain elevated. With Iran war negotiations stalled and restrictions still in place, international markets will continue to react quickly to any signs of escalation or renewed diplomatic efforts, he said.

The persistence of supply-side risks—particularly in key transit routes and export infrastructure—suggests oil prices could remain supported in the near term, even as sentiment shifts rapidly with each new headline, said De Haan in his weekly fuel price update.

At the close of Thursday’s formal trading session, international benchmark Brent crude futures fell more than 3% in London to close at $114.01 per barrel, after surging to a wartime high of $126 earlier in the trading session. U.S. West Texas Intermediate futures, meanwhile, slipped more than 1% on the New York Mercantile Exchange to settle at $105.07.

According to industry analysts, the global oil market is approaching a critical point as stockpiles dwindle, exacerbated by disruptions linked to the ongoing conflict between Iran and the U.S.-Israel coalition.

Despite a ceasefire announced in April 2026, shipping activities have not returned to normal levels. The International Energy Agency has described this disruption as the largest in history, with potential price spikes looming as analysts forecast Brent crude prices to exceed $130 per barrel if the situation remains unresolved.

With about four weeks before the beginning on the summer driving season on Memorial Day weekend, Arkansas remains among the 10 least expensive gasoline markets, ranking 5th behind Oklahoma ($3.70), Kansas ($3.75), Georgia ($3.75), and Mississippi $3.77). Louisiana ($3.80), Missouri ($3.83), North Dakota ($3.84), Texas $3.85), and Alabama ($3.86) round out the top ten.

The nation’s top 10 most expensive gasoline markets are California ($6.01), Hawaii ($5.64), Washington ($5.57), Oregon ($5.15), Nevada ($5.12), Alaska ($4.92), Arizona ($4.67), Illinois ($4.66), Michigan ($4.58), and Ohio ($4.46). 

ARKANSAS MARKET
Meanwhile, Arkansas drivers are seeing a wide variety of pump prices in key markets, AAA data shows. For example, motorists in Texarkana are paying the highest average fuel cost at $4 to fill their tanks. That price is 16 cents above the state average and 26 cents higher than a week ago.

The Jonesboro and West Memphis markets in northeast Arkansas are seeing the next highest prices at $3.84 and $3.90 per gallon, respectively, nearly 30 cents more than last week.

In Central Arkansas, motorists living or driving through Hot Springs or Little Rock-North Little Rock will see gasoline signs posted at $3.82 on average. In Pine Bluff, drivers in the Delta region of the state are seeing pump prices at $3.84 per gallon, up 21 cents from a week.

Motorists in Northwest Arkansas’s Fayetteville-Springdale-Rogers area now pay an average of $2.81 per gallon, a 43-cent increase from last week. Fort Smith drivers are seeing the lowest prices in the state metro areas at about $3.76 per gallon to fill up their tank, up 38 cents from a week ago.

After seeing diesel prices drop for two consecutive weeks, truck drivers and other diesel fuel are now paying over $5 per gallon. With the current average at $5.07, that price is 15 cents higher than a month ago and a whopping $1.83 higher than a year ago.

Motorists seeking premium-grade gasoline are paying 80 cents more than the state average, at $3.64 per gallon, which is 25 cents higher than last week. Truck drivers and other diesel vehicle operators are also paying more, at $3.72 per gallon, 22 cents above last week’s pump price.

AIRLINES BOOST BAGGAGE FEES ON JET FUEL COSTS

Ahead of the Memorial Day holiday beginning on May 25, the U.S. domestic airlines are also gearing up with for the beginning of the nation’s summer travel season that extends through back-to-school and Labor Day weekend activities in September. In response to higher jet fuel prices and other inflationary pressures, American Airlines and other U.S. carriers have recently hiked checked bag fees for domestic and select international flights.

For tickets booked on or after April 9, American’s new bag fee for domestic flights, including Alaska, Hawaii, Puerto Rico, and the U.S. Virgin Islands, as well as Canada and short-haul international flights, is $50 for the first checked bag, $60 for the second, and $200 for the third when purchased at the airport. Customers who prepay for their first and second checked bags online or through American’s mobile app will receive a $5 discount, company officials said.

In addition, Big Three carriers United and Delta Airlines have also hiked check-bag fees in recent weeks, in tandem with America. Smaller regional carriers such as Southwest, Alaska, American Eagle, and JetBlue Airlines have also raised bag fees as the average per-gallon jet fuel prices for Chicago, Houston, Los Angeles, and New York markets rose to $4.51 on Thursday, up from $2.50 just before the war, according to the Argus Media U.S. Fuel Index.