Ahead of Memorial Day, Arizona sees 6-cent drop in average gas price, US average climbs
With travel picking back up heading into Memorial Day weekend, gas prices have followed the trend nationwide, as the national average for a gallon of gas rose four cents since last week, according to AAA.
The national average, sitting at $3.57, is due to the rising demand for gasoline amid what AAA forecasted as a 6% increase in road trips compared to last year's holiday weekend.
“The rise in demand for gasoline is helping to push pump prices higher for now,” AAA spokesperson Andrew Gross said in the release. “But the increase is mitigated by the low cost of oil, which is wobbling around in the low $70s per barrel. Pump prices could stabilize or fall once this long weekend is in the rearview mirror.”
Wednesday's close to the formal trading session saw West Texas Intermediate (WTI) increase by $1.43, settling at $74.34.
"Oil prices rose yesterday amid growing market optimism that energy demand is rebounding. However, price increases were capped due to the market also expecting another interest rate increase from the U.S. Federal Reserve, which could result in the economy tipping into a recession. If the economy enters a recession, oil demand and prices would likely decline," AAA said.
New data from the Energy Information Administration, as cited by AAA, showed gas demand increased from 8.91 million barrels per day to 9.43 million last week. Total domestic gasoline stocks continued their decline, this time by 2 million barrels of crude oil, now resting at 216.3 million.
"If gas demand grows amid tighter supplies, drivers will likely see pump prices rise," AAA said.
Arizona continues to see relief little by little
Though Arizona remains firmly a $1 above the national average, the pendulum has been swinging in the opposite direction.
AAA data shows that Arizona had a six-cent drop in the state's average pump prices since last week, bringing the total to $4.58.
"The refinery in El Paso, Texas is back and that's really helping prices in Arizona, particularly in the southern areas. Pima County's average price has dropped 15 cents in the last week," AAA Mountain West Group spokesperson Julian Paredes told The Republic.
A reprieve from the gridlock of refinery maintenance is surely a great sign, one that will likely see further improvement once the refinery in New Mexico comes back online as well.
"We're still not sure about the refinery in Artesia, New Mexico. It's possible it'll be back soon, or work may extend into June. Overall, this is good news for drivers," Paredes said.
Arizona remains among the 10 most expensive markets in the country, according to AAA, holding onto fourth place behind California ($4.81), Hawaii ($4.75) and Washington ($4.63). But as for that nasty price point, Paredes said the Grand Canyon state average and the national will likely meet somewhere in the middle in the coming weeks.
County-by-county gas prices in Arizona
When taking a look at the county averages in Arizona, the list remains fairly the same, aside from a few spot changes.
Maricopa County is still the state's top dog, or worst, depending on how you want to phrase it, in terms of average pump price at $4.93, a five-cent decline since last week. Unsurprisingly, Graham County is still living well in the Copper State, paying around $3.38 on average for a gallon of gas, a two-cent drop since last Thursday.
Here is how the rest of the state stacks up:
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)
Mohave: $4.05 (-0.3)
Navajo: $4.03 (-0.3)
Gila: $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)
This article originally appeared on Arizona Republic: Arizona gas prices fall ahead of Memorial Day weekend
