GasBuddy’s Matt McClain says Valley gas prices could go up 20 to 55 cents in next week

PHOENIX  — GasBuddy petroleum analyst Matt McClain said Tuesday that gas prices in the Valley could increase significantly within the next week following U.S. military strikes in Iran.

McClain told KTAR News 92.3 FM’s Arizona’s Evening News that Arizona gas prices could go up by 20 to 55 cents a gallon in the next five to seven days.

“Unfortunately, we started off this week seeing 10 to 30 cents per gallon for gasoline as far as an increase. Then this morning we had to up it just a little bit and add an additional 10 to 25 cents a gallon for a total of 20 to 55 cents a gallon,” McClain said.

“That’s a nationwide blanket, and that’s barring any de-escalation if we happen to see one over the next several days. I’m kind of not so optimistic that’s going to happen.”

Matt McClain with Gas Buddy said that gas prices in the Valley could go up by 20 to 55 cents a gallon in the next five to seven days when he joined Arizona’s Evening News. pic.twitter.com/er1VBsOF57

— KTAR News 92.3 (@KTAR923) March 4, 2026

The average price per gallon in Phoenix for regular unleaded gas is $3.61 as of Tuesday, according to the American Automobile Association (AAA). The national gas price average is at $3.11 per gallon. Phoenix’s average price was at $3.54 per gallon last week.

McClain added that a reason the price increase is happening so quickly after the strikes in Iran is due to the country’s oil reserves.

“That’s the theme whenever you start getting into any kind of a large conflict regarding an oil-producing area of the world,” McClain said. “Maybe we don’t get a lot of their oil, but in a lot of their neighboring countries we sure do, like Saudi Arabia, Iraq, Qatar and other places where 20% of the world’s oil supply makes it way through on tankers on a daily basis.”

Could Arizona gas prices increase like they did in 2022?

The significant increase in Phoenix gas prices is reminiscent of 2022, when gas prices went up following Russia’s invasion of Ukraine. Gas prices in Phoenix reached a record-high $5.70 per gallon in June 2022, according to AAA.

McClain said wars make it really hard to forecast if gas prices will increase similar to 2022. He noted that along with the Russia-Ukraine war, an increase in travel following COVID shutdowns also played a part in gas prices going up in 2022.

“Everybody had spring fever at the same time and wanted to travel someplace and the refineries hadn’t really throttled back up from the COVID shutdown when no one was using much gas,” McClain said.

“Do I think it’s a possibility we get may get to that point? I’m not really prepared to make that kind of prediction because war can be a very dirty business and we have to wait and see.”

Is it possible gas prices could reach over $5 a gallon in the Valley as they did in 2022?

Matt McClain with Gas Buddy discusses the possibility on Arizona’s Evening News. pic.twitter.com/phdMIhAjKc

— KTAR News 92.3 (@KTAR923) March 4, 2026

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