Fill ‘er up! Arizona’s plummeting prices at the pump could soon come to an end
Feb 15, 2016, 8:14 AM | Updated: 9:18 am
FILE - In this Wednesday, Nov. 25, 2015, file photo, Cornelio Bonilla pumps gas at Best Food Mart gas station in Gainesville Ga. Sinking oil prices have cratered the stock market, but a silver lining may soon appear. Cheaper gasoline and heating oil will give consumers worldwide more money to spend, or save and spend later, and possibly boost economic growth in the U.S., Europe and much of Asia. (AP Photo/Kevin Liles, File)
(AP Photo/Kevin Liles, File)
PHOENIX — Say goodbye to the plummeting prices at the gas pump: Arizona’s gas prices could soon be on the rise.
In Arizona, the statewide average for regular unleaded gasoline is $1.66 per gallon, down from last year’s average of $2.15. Diesel users have also experienced the cheap prices, with an average price of $1.93 per gallon.
Tom Kloza with the Oil Price Information Service said nationally consumers have not seen prices this low since December 2008 and in Arizona since 2003 & 2004, but it is not expected to last long.
“The prices dropped lower than most of us thought they would,” he said. “I think it’s going to stop soon. This is about it.”
Kloza said drivers may see prices drop to as low as $1.25 per gallon before seeing them rise again between Feb. 15 and May 15.
“This is cheap by modern standards,” he said. “It’s cheap when you measure it against inflation. Americans saved $110 billion in 2015 from 2014.”
Patrick DeHaan with Gas Buddy.com said gas prices tend to rise during the summer months.
“Oil prices shocked us with how low they are but it’s a testament to the oversupply situation of oil and gasoline,” he said. “Those prices are now perking up as we transition to more expensive summer gasoline and the decline is almost over.”
