ARIZONA NEWS

Record gas prices in Arizona could start falling soon, oil analyst says

Mar 31, 2022, 7:25 AM
(Curtis Compton/Atlanta Journal-Constitution via AP)...
(Curtis Compton/Atlanta Journal-Constitution via AP)
(Curtis Compton/Atlanta Journal-Constitution via AP)

PHOENIX – Arizonans could start paying less at the pumps in a matter of weeks, an oil-industry analyst said, after a long stretch of record prices.

California refinery issues have started to improve and the domino effect could drop prices in the Grand Canyon State between 35 to 75 cents a gallon, Patrick DeHaan with Gas Buddy told KTAR News 92.3 FM on Wednesday.

“Southern California gas prices have been dropping. That could help alleviate pressure not only in California but also in areas of Arizona and Las Vegas as well,” he said.

Arizona drivers are paying an average of about $4.67 a gallon, the seventh-highest in the country, DeHaan said, but added a reversal in oil prices or more refinery issues in California could put the relief on hold.

The Phoenix average is $4.73 per gallon.

Russia’s invasion of Ukraine has contributed to the surge in costs, but prices were rising long before then.

Crude prices plummeted in early 2020 as economies around the world shut down because of COVID-19. The price of futures even turned negative, meaning some sellers were paying buyers to take oil.

Prices rebounded, however, as demand recovered faster than producers pulled oil out of the ground and inventories dried up.

Then, the price increase accelerated after war began.

The Associated Press contributed to this report.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Pexels Photo)...
KTAR.com

2-day student arts festival debuts in Scottsdale this weekend

A new community event this weekend will highlight visual and performing arts created by K-12 students in Scottsdale.
1 day ago
From left, Doyle Wolfgang von Frankenstein performs with Glen Danzig in 2005. (File Photo by Scott ...
Kevin Stone

Original Misfits bringing classic lineup to Phoenix for rare appearance

The Original Misfits announced a three-city run of concerts that concludes at Talking Stick Resort Amphitheatre in Phoenix.
1 day ago
(Facebook Photo/YCSO)...
KTAR.com

Residents near Sedona evacuated due to latest round of storms, flooding

Residents in communities near Sedona were evacuated Tuesday as storms brought flooding to the area for the second time in as many weeks.
1 day ago
Judge Celé Hancock headshot...
Associated Press

Arizona judge arrested in Prescott on suspicion of extreme DUI

A Yavapai County Superior Court judge was arrested on suspicion of extreme DUI in Prescott over the weekend, authorities said.
1 day ago
(Facebook File Photo/Phoenix Police Department)...
KTAR.com

1 child, 2 adults found dead in residence near South Mountain in Phoenix

The bodies of a child and two adults were found in a home near South Mountain Park and Preserve in Phoenix on Tuesday, authorities said.
1 day ago
(Photo: OCD & Anxiety Treatment Center)...
Sponsored Content by OCD & Anxiety Treatment Center

Here's what you need to know about OCD and where to find help

It's fair to say that most people know what obsessive-compulsive spectrum disorders generally are, but there's a lot more information than meets the eye about a mental health diagnosis that affects about one in every 100 adults in the United States.

Sponsored Articles

(Photo: OCD & Anxiety Treatment Center)...

Here’s what you need to know about OCD and where to find help

It's fair to say that most people know what obsessive-compulsive spectrum disorders generally are, but there's a lot more information than meets the eye about a mental health diagnosis that affects about one in every 100 adults in the United States.
(Photo by Michael Matthey/picture alliance via Getty Images)...
Cox Communications

Valley Boys & Girls Club uses esports to help kids make healthy choices

KTAR’s Community Spotlight focuses on the Boys & Girls Club of the Valley and the work to incorporate esports into children's lives.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
Record gas prices in Arizona could start falling soon, oil analyst says