Economist forecaster discusses pipeline attack and gas prices in Arkansas

The Colonial Pipeline shut down due to a cyber attack will likely affect inventory across the southeast and the east coast, while gas prices in Arkansas continue to climb.

According to a report from content partner 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 at UA-Little Rock Michael Pakko said 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.

“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.

Pakko added that while no one should panic, you should remain mindful of gas consumption over the next week.

He said hopefully, the pipeline will be back in working order soon, and prices will stay at their normal type of high for this time of year.

“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.