Arizona gas prices 'stabilized' while national average dips by 4 cents
Pump prices across the nation have continued their downward trend, with Arizona markets hopefully following suit.
According to AAA, the national average for a gallon of gas dipped by 4 cents since last week, sitting at $3.53 as of Thursday. The current average is around 7 cents less than last month and 87 cents less than what it was a year ago.
New data from the Energy Information Administration, as cited by AAA, saw demand grow substantially this past week from 8.62 million barrels per day to 9.30 million.
“Increasing demand for gasoline would usually drive pump prices higher, but the cost for oil has remained low lately, so drivers should benefit from stable pump prices as Memorial Day drawers near," AAA spokesperson Andrew Gross said in a release Thursday.
Total domestic gasoline stocks took a tumble, however, going from 3.2 million barrels of crude oil to 219.7 million. Total domestic commercial crude inventories increased, though, by about 3 million barrels of crude oil to 462.6 million.
The high demand coupled with a reduction in stocks have developed a lull in pump price decreases, AAA said in the release, as the reported national decline last week was around 6 cents.
Why are Arizona gas prices so high? Gas prices have actually 'stabilized' for now
The national average has not been felt in the Grand Canyon state — or on the West Coast for that matter — but prices have stabilized for the time being, flowing in at around $4.68 per gallon on the mean for the state, a 2-cent fall from last week.
"Gas prices in Arizona are still high, but have at least stabilized and aren’t creeping higher for now. The national average for gas has been dropping for the last three weeks on a weaker oil market. When the Texas and New Mexico refineries come back online in the next few weeks, if they’re not already, and normal supply lines return, you can expect Arizona gas prices to be more in line with the national average," AAA Mountain West Group spokesperson Julian Paredes told The Arizona Republic.
The timing for the refineries coming back online is not ideal, as it will likely happen just before Memorial Day when travel usually increases.
Additionally, the summer blend of gasoline used in Arizona is in part a culprit for high prices, adding an extra 5 to 10 cents per gallon due to added costs of production.
The main factor, however, is likely the oil market's volatility.
"The summer blend of gas is certainly a factor for high gas prices, but the thing that really drives up prices are sudden changes to the oil market or regional supply lines," Paredes said.
In AAA's Thursday release, they said that West Texas Intermediate had decreased by $1.15, sitting at $72.56 by the end of Wednesday's formal trading session.
"Oil prices declined yesterday amid ongoing market uncertainty regarding stalled U.S. debt ceiling negotiations. The market is concerned that if the debt limit is breached, it could contribute to the economy tipping into a recession," AAA said. "If a recession occurs, crude demand and prices would likely decline."
What do Arizona gas prices look like county by county?
According to AAA, the most expensive place in Arizona to fill up your car is in Maricopa County, running at about $5.03 per gallon on average, with the least expensive being found in Graham County, around $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
Mohave: $4.10
Navajo: $4.07
Apache: $4.03
Gila: $4.02
Greenlee: $3.97
Yuma: $3.95
Cochise: $3.89
Graham: $3.61
This article originally appeared on Arizona Republic: Gas prices in Arizona stay high while national costs dip
