Gasoline prices have followed a similar trend nationwide, with the national average rising 4 cents per gallon from last week, according to AAA, as tourists rebounded for Memorial Day weekend.
The national average is $3.57, as demand for gasoline rises as AAA forecasts a 6% increase in road trips compared to last holiday weekend.
AAA spokesman Andrew Gross said, “Rising demand for gasoline has led to higher pump prices so far.” mentioned in the release. “However, the rise has been moderated by low oil prices, which are hovering in the low $70s per barrel. If this long weekend is in your rearview mirrors, pump prices will stabilize or fall. there’s a possibility that.”
West Texas Intermediate (WTI) rose $1.43 before settling at $74.34 near the official close on Wednesday.
“Oil prices rose yesterday amid growing market optimism that energy demand is rebounding. However, the market also expects further rate hikes by the US Federal Reserve, which will result in a slump in the economy. Price rises have been tempered by the possibility of a recession, and if the economy goes into recession, oil demand and prices are likely to fall,” AAA said.
new data from Energy Information Management BureauAs quoted by the AAA, it showed gas demand rose to 9.43 million barrels per day from 8.91 million barrels per day last week. Total domestic gasoline inventories continued to decline, this time down by 2 million barrels of crude oil, and are now stuck at 216.3 million barrels.
“Drivers are likely to see higher pump prices if demand for gas increases while supplies are tight,” AAA said.
Arizona continues to show signs of relief
Arizona is still $1 above the national average, but the pendulum has swung in the opposite direction.
In Arizona, the average state pump price fell 6 cents last week to a total of $4.58, according to AAA data.
“The El Paso, Texas refinery is back on track, and prices in Arizona, especially in the southern region, have been very helpful. Average prices in Pima County dropped 15 cents last week,” said an AAA Mountain West Group spokesperson. Julian Paredes, the person in charge, told The Republic.
Breaking out of the refinery maintenance deadlock is certainly a great sign, and we’ll likely see even more improvement once New Mexico’s refineries come back online.
“We don’t know yet about the refinery in Artesia, New Mexico. It could be reopened soon, or work could be extended until June. Overall, this is good news for drivers,” Paredes said. ‘ said.
Arizona remains one of the 10 most expensive markets in the nation, according to AAA, holding onto fourth place behind California ($4.81), Hawaii ($4.75) and Washington ($4.63). But when it comes to that sticky price point, the Grand Canyon state average and the national average are likely to match up somewhere in the middle in the coming weeks, Paredes said.
Gas prices by county in Arizona
Looking at the county averages in Arizona, the list remains pretty much the same, with a few minor changes.
Maricopa County remains the top or worst county in the state, with average pump prices down 5 cents from last week to $4.93. Unsurprisingly, Graham County is still doing well in Copper State, with an average payout of about $3.38 per gallon of gasoline, down 2 cents from last Thursday.
Putting the rest of the state together:
- Maricopa: $4.93 (-0.5)
- Pima: $4.51 (-0.15)
- Pinal: $4.43 (-0.9)
- Coconino: $4.30 (-0.5)
- Santa Cruz: $4.28 (-0.10)
- Yavapai: $4.23 (-0.2)
- La Paz: $4.14 (-0.1)
- Mojave: $4.05 (-0.3)
- Navajo: $4.03 (-0.3)
- Hira: $4.01 (-0.3)
- Yuma: $3.96 (-0.2)
- Apache: $3.96 (-0.1)
- Greenlee: $3.83 (-0.7)
- Cochise: $3.80 (-0.7)
- Graham: $3.38 (-0.2)