Pump prices across the country continue to fall, and the Arizona market is expected to follow suit.
according to AAA, the national average for a gallon of gasoline is down 4 cents from last week to $3.53 as of Thursday. The current average is about 7 cents lower than last month and 87 cents lower than a year ago.
new data from Energy Information Management BureauAs quoted by AAA, demand surged last week from 8.62 million barrels per day to 9.3 million barrels per day.
AAA spokesman Andrew Gross said in a release on Thursday, “Usually, pump prices rise due to increased demand for gasoline, but with oil prices staying low recently, drivers are encouraged to celebrate Memorial Day. “We should benefit from stable pump prices as we get closer.”
However, total domestic gasoline inventories fell from 3.2 million barrels of crude oil to 219.7 million barrels. However, total domestic commercial crude stocks increased by about 3 million barrels to 462.6 million barrels.
In a release, AAA said low inventories and high demand had brought a pause in pump price declines after a nationwide drop of about 6 cents was reported last week.
Why are gas prices so high in Arizona? Gasoline prices are actually “stable” for now
While the national average hasn’t been felt in Grand Canyon State, or the West Coast for that matter, prices have been stable for the time being, flowing in at around $1,000. State average $4.68 per gallondown 2 cents from last week.
“Gas prices in Arizona are still high, but at least they’re stable and aren’t creeping up so far. The national average for gas has fallen over the last three weeks on the back of the downturn in the oil market. Once the refineries in Texas and New Mexico are complete, if they are not yet back online, they will be back online in the next few weeks and when normal supply lines return, Arizona gas prices will drop nationally. We can expect to be more in line with the average,” AAA Mountain West Group spokesman Julian Paredes told the Arizona Republic.
The timing of the refinery’s return to operation isn’t ideal, and will likely come just before Memorial Day, which usually attracts more tourists.
In addition, summer blend gasoline used in Arizona is also partly responsible for the high price, adding an extra 5 to 10 cents per gallon due to increased production costs.
But the main driver is probably volatility in the oil market.
“The summer mix is certainly a factor in gas prices, but it’s the sudden shifts in oil markets and regional supply lines that are really pushing prices up,” Paredes said.
AAA’s Thursday release said the West Texas Intermediate had fallen $1.15 to $72.56 at the close of trading on Wednesday.
“Oil prices fell yesterday amid continued market uncertainty over stalled U.S. debt ceiling negotiations,” the AAA said. I am concerned,” he said. “If there is a recession, oil demand and prices will probably decline.”
What will Arizona gas prices look like by county?
According to AAA, the most expensive place to refuel a car in Arizona is Maricopa County, averaging about $5.03 per gallon, and the cheapest is Graham County, about $3.61.
- Maricopa: $5.03
- Pima: $4.70
- Pinal: $4.58
- Santa Cruz: $4.38
- Coconino: $4.36
- Yavapai: $4.26
- La Paz: $4.21
- Mojave: $4.10
- Navajo: $4.07
- Apache: $4.03
- Hira: $4.02
- Greenlee: $3.97
- Yuma: $3.95
- Cochise: $3.89
- Graham: $3.61