Pump Prices Spooked Lower by Falling Crude Price

 

 

Phoenix, Oct. 25, 2012. It’s no trick; motorists are being treated to fuel price relief. Arizona prices have finally started to unwind, shedding 3.1 cents to $3.687 per gallon. Nationwide, prices are falling at a faster rate, dropping nearly 14 cents to $3.599 per gallon.

 

This week, the price of crude oil fell to the mid $80-range, applying further downward pressure to retail fuel prices. As this welcomed trend continues, AAA would like to share five fuel facts that shed light on current prices:
 

1.     The national average has fallen for 15 straight days. The statewide average has followed this trend for 11 consecutive days.
 

2.     Nationwide, the median price is $3.559, up 16 cents per gallon from last year. In Arizona, the median fuel price is $3.699, up nearly 40 cents over last year.
 

3.     The most common price posted on signs around the country is $3.499 per gallon, down 10 cents per gallon from last week. The most common price posted on signs around the state is $3.699 per gallon, down 6 cents per gallon from last week.
 

4.     About 80 percent of gas stations across the country are still charging more than $3.50 per gallon. In Arizona, 87 percent of fuel stations are above this mark.
 

5.     Every state in the country is more expensive today than last year. California has the largest gap with drivers paying 54.2 cents per gallon more than last year. Arizona drivers are paying 34.6 cents per gallon more compared to a year ago.

 

“Fuel prices in Arizona haven’t fallen as sharply as some states. This, in large part, can be attributed to dramatic correction occurring in places where prices soared recently,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “However, Arizona motorists have finally started to see pump prices relent. This is a trend that should continue through the end of the year, barring unforeseen events.”

 

 

Tucson and Flagstaff hold the low and high state fuel averages at $3.438 and $3.900 per gallon, respectively. Missouri and California hold the lowest and highest average prices for the lower 48 states at $3.256 and $4.312 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)

$3.683

-2.1

$3.947

$4.113

$3.298

Flagstaff

$3.900

-0.4

$4.102

$4.356

$3.589

Glendale

$3.675

-2.8

$3.954

$4.147

$3.297

Peoria

$3.662

-2.7

$3.930

$4.160

$3.273

Phoenix (city)

$3.684

-2.7

$3.948

$4.130

$3.300

Pima County

$3.454

-3.4

$3.666

$4.121

$3.235

Prescott
(Tri-Cities)

$3.761

-6.1

$3.962

$4.258

$3.403

Scottsdale
(Scottsdale, Fountain Hills)

$3.783

-2.4

$4.067

$4.217

$3.397

Tucson

$3.438

-3.2

$3.659

$4.101

$3.219

Yuma

$3.764

-5.9

$3.968

$4.071

$3.444

Statewide

$3.687

-3.1

$3.916

$4.167

$3.341

National

$3.599

-13.8

$3.933

$4.095

$3.446

E-85

$3.227

-8.4

-

-

$3.080

*E85 MPG/BTU adjusted price

$4.247

-11.1

-

-

$4.054

 

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

 

*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 about 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.