More than 37 million Americans went out over Memorial Day weekend, according to AAA. Gasoline prices across the country held firm the following week, holding onto last week’s average of $3.57.
This week’s stagnant average is 4 cents lower than a month ago and $1.10 lower than a year ago, according to AAA.
AAA spokesman Andrew Gross said: “While millions of people went out last weekend, gasoline demand declined.” Thursday news release. “Meanwhile, the price of a barrel of oil has fallen below $70 a barrel. Pump prices may drop further as summer approaches.”
West Texas Intermediate (WTI) fell $1.37 to $68.09 at the close of trading on Wednesday.
The AAA said, “Yesterday, oil prices rose to 10% after a stronger dollar and growing market concerns that a decline in manufacturing activity in China, the world’s largest oil importer, could slow global energy demand. It fell,” he said.
new data from Energy Information Management BureauGas demand has declined since last week, dropping from 9.43 million barrels per day to 9.1 million barrels per day. Total domestic inventories also fell very slightly, from 216.3 million barrels of crude oil to 216.1 million barrels.
With new EIA data, Patrick De Haan, Head of Petroleum Analysis at GasBuddy Total domestic stocks are down 2.9 million shares, or about 1.3%, from a year ago, 8% below the five-year average for this time of year, the researcher said.
However, crude oil inventories soared to 4.5 million barrels for a total of 459.7 million barrels. An increase of about 45 million people from last year.
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Arizona average state pump price declines largest in nation
In Grand Canyon State, the average pump price has fallen further since last week, flattening out at $4.48.
A 10-cent drop from last Thursday left Arizona with the biggest drop on the national average, followed by Indiana (-9 cents), Ohio (-8 cents), Iowa (-7 cents), Wisconsin and Illinois. Outperformed the state (-6 cents). Please name a few.
Julian Paredes, a spokesman for AAA Mountain West Group, said it was due to a recovery in local supplies.
“There may still be room for prices to continue to fall in the short term, but we don’t know where it will plateau. It’s expensive, and I’m against big fluctuations caused by regional factors, like what we’ve seen in refineries,” Paredes said.
Pump Prices by County in Arizona
Looking around Copper State, we see that the hierarchy remains relatively the same.
Maricopa County still has the highest average price per gallon of gasoline in Arizona, dropping 12 cents from the previous week to $4.81.
Tolls in Graham County are still well below the national and neighboring Arizona averages, at about $3.38.
Mojave County was the only county to increase from last week, up 3 cents above average, while both Apache and Graham counties remained neutral.
The rest of the homefront looks like this:
- Maricopa: $4.81 (-0.12)
- Pinal: $4.36 (-0.07)
- Pima: $4.33 (-0.18)
- Coconino: $4.22 (-0.08)
- Santa Cruz: $4.17 (-0.11)
- Yavapai: $4.17 (-0.06)
- La Paz: $4.08 (-0.06)
- Mojave: $4.08 (+0.03)
- Navajo: $4.01 (-0.02)
- Apache: $3.96
- Yuma: $3.94 (-0.02)
- Hira: $3.91 (-0.10)
- Cochise: $3.71 (-0.09)
- Greenlee: $3.67 (-0.16)
- Graham: $3.38
