Gas prices fall across Arizona for 3rd straight week as summer travel season kicks off

Arizonans are getting some welcome relief at the pump just as the busy summer travel season kicks into high gear.

The average price for a gallon of regular gasoline in the Grand Canyon State plummeted 14 cents over the past week, landing at $4.48, according to data released Thursday by AAA Mountain West Group.

The steep drop reflects a broader national trend. The U.S. average has now fallen for three consecutive weeks, tumbling from $4.56 on May 21 down to $4.12. Local drivers can thank crude oil prices, which have managed to hold steady below the $100-per-barrel threshold.

“Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable,” AAA Mountain West Group spokesperson Aldo Vazquez said in a statement.

While the dip is a breather for local wallets, context matters. Valley drivers are still paying some of the highest prices in the country. In fact, Arizona currently ranks as the seventh-most expensive gasoline market in the nation. Furthermore, while today’s prices are a far cry from the $5-per-gallon record set on June 11, 2022, pump prices still sit at a four-year high.

As is usually the case, where you fill up in Arizona makes a big difference. Drivers in Flagstaff are getting hit the hardest, paying an average of $4.73 a gallon. Meanwhile, Tucson offers the cheapest relief in the state at $4.38.

How much is gas in Phoenix?

The average price per gallon in Phoenix is at $4.44. Meanwhile, the western part of the state in Yuma is paying $4.56 per gallon.

The price drops come despite a noticeable spike in seasonal demand. New data from the Energy Information Administration shows that gasoline demand climbed from 8.59 million barrels per day to 8.73 million barrels per day last week. However, domestic supply and ramped-up production, averaging 9.7 million barrels per day, have kept pace enough to keep prices moving downward for now.

Over in the oil markets, West Texas Intermediate crude rose $1.83 to settle at $90.03 a barrel at the close of Wednesday’s formal trading session. U.S. crude oil inventories fell by 7.2 million barrels last week, leaving domestic inventories about 5% below the five-year average for this time of year.

For Arizonans who have ditched the pump for an electric vehicle, the savings story looks a bit different.

The national average for public EV charging ticked up one cent over the last week to 42 cents per kilowatt hour. Arizona drivers are paying just above that benchmark, averaging 43 cents per kilowatt hour at public stations. While it is cheaper than the pump, it keeps Arizona hovering just outside the top 10 most expensive states for public EV charging.

Related

Rising gas prices push US inflation to highest level in 3 yearsInflation likely reached 3-year high last month as Iran war spikes gas pricesFrom unfilled gas tanks to fewer frills, retailers see US consumers rethink their spendingGlendale firefighters deliver endangered birthday cakes after grocery store blaze‘T-bone type’ crash in Scottsdale leaves 1 dead, 1 in critical condition, police sayArizona Humane Society sends out urgent plea ahead of free adoption event