Arizona Gas Prices Sink to Three Month Low

Phoenix, Ariz., May 31, 2012. For the second straight month, retail fuel prices continue to inch lower. Statewide, drivers are paying an average of $3.724 per gallon, a drop of 3.6 cents from last week. Nationwide, the price of fuel shed 5.6 cents to $3.620 per gallon.

This week, concerns over Europe's financial crisis and weak demand caused the price of crude oil to fall back below $90 per barrel. The commodity’s price has decreased 16 percent this month and is currently trading in the mid $80 range.


“The price of crude oil makes up more than 70 percent of the cost of a gallon of gasoline,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “As such, the commodity’s recent price reversal has enabled gas prices to drop to a multi-month low, a trend that is likely to continue in the short-term.”
 

In other news, tomorrow (June 1) marks the start of the Atlantic hurricane season. For 2012, the National Oceanic and Atmospheric Administration (NOAA) is forecasting nine to 15 named storms, including four to eight hurricanes and one to three major hurricanes. This is less active than the average hurricane season, which produces 12 named storms with six hurricanes, including three major hurricanes, according to the administration.

“The peak of hurricane activity does not typically occur until late in the season,” said Gorman. “The severity of damage caused to refineries and offshore platforms by a storm determines to what extent, if any, it will have on crude and fuel prices.”

Tucson and Flagstaff hold the low and high state fuel averages at $3.600 and $3.858 per gallon, respectively. South Carolina and Washington hold the low and high price extremes for the lower 48 states at $3.242 and $4.284 per gallon, respectively.
 


City

Today’s Price

Change from last week

Premium

Diesel

Last Year’s Price

East Valley
(Mesa, Gilbert, Chandler, Tempe, Ahwatukee, Apache Junction, Queen Creek)

$3.690

-5.1

$3.950

$3.745

$3.640

Flagstaff

$3.858

-2.5

$4.013

$3.954

$3.813

Glendale

$3.695

-4.5

$3.932

$3.756

$3.636

Peoria

$3.701

-4.9

$3.958

$3.758

$3.617

Phoenix (city)

$3.696

-4.4

$3.957

$3.785

$3.639

Pima County

$3.614

-3.2

$3.830

$3.899

$3.562

Prescott
(Tri-Cities)

$3.734

-3.2

$3.978

$3.817

$3.593

Scottsdale
(Scottsdale, Fountain Hills)

$3.800

-3.8

$4.087

$3.876

$3.744

Tucson

$3.600

-2.8

$3.818

$3.855

$3.553

Yuma

$3.823

-2.1

$4.006

$3.843

$3.703

Statewide

$3.724

-3.6

$3.952

$3.848

$3.658

National

$3.620

-5.6

$3.925

$3.928

$3.780

E-85

$3.172

-4.3

-

-

$3.231

*E85 MPG/BTU adjusted price

$4.174

-5.7

-

-

$4.251


As an advocacy organization representing the motoring public, AAA offers a variety of free resources to help motorists keep fuel budgets in check, including: 

  • AAA Gas Price Alerts (AAA.com/gasalerts) offers users weekly fuel price text alerts.

*The BTU-adjusted price of E-85 is the nationwide average price of E-85 adjusted to reflect the lower energy content as expressed in British Thermal Units. The BTU-adjusted price is calculated and displayed as part of AAA's Fuel Gauge Report because according to the Energy Information Administration, E-85 delivers approximately 25 percent fewer BTUs by volume than conventional gasoline. Because "flexible fuel" vehicles can operate on conventional fuel and E-85, the BTU-adjusted price of E-85 is essential to understanding the cost implications of each fuel choice for consumers.

AAA’s Fuel Gauge Report includes data from gasoline stations in every Arizona community. Local prices in some communities might be higher or lower than the averages shown here. This service is updated daily by the Oil Price Information Service (OPIS) with average national, state and local prices for gasoline, diesel and E-85. Every day more than 100,000 stations are surveyed in cooperation with Wright Express for unmatched statistical reliability.