Gas prices in state dip 4 cents to $2.45

Retail gasoline prices have fallen 4 cents a gallon in the past week in Arkansas, according to AAA’s Daily Fuel Gauge Report.

On Monday, prices at pumps in the state averaged $2.45 a gallon, down from $2.49. Prices are down almost 10 cents in the past month. The average national price for gasoline Monday was $2.76.

With oil prices weakening, gasoline prices could dip below $2 a gallon later this year in many states, Patrick DeHaan, senior petroleum analyst for pricetracking site gasbuddy. com, said in a statement.

Crude prices briefly slipped below $50 a barrel on Monday for the first time in more than three months on concerns that the global glut will grow as a result of increased exports by Iran, Bloomberg News reported.

West Texas Intermediate oil fell 74 cents to $50.15 on the New York Mercantile Exchange, with futures reaching $49.85 during intraday trading.