The Colonial Pipeline shut down due to a cyber attack. It is expected to affect inventory across the southeast and eastern U.S., while gas prices in Arkansas continue to climb.
According to a report from KARK, 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, Michael Pakko, said it’d be tough to forecast gas prices for the next week or month because of several factors. He estimates that if the pipeline shutdown lasts much longer, there could be more drastic effects for Arkansas.
“If the disruption lasts a couple of days of the price spike, for what it’s worth, will probably be of limited duration, it will just appear as a blip along the path of rising prices leading up to Memorial Day,” Pakko said.
“Once this current situation is resolved, things should go back to a relatively stable environment,” Pakko said.
Read the original story on the KAIT 8 website here.