Phoenix gas average eclipses $5 a gallon with more increases likely this summer, expert says
PHOENIX — Phoenix has eclipsed an average of $5 for a gallon of gasoline and prices are likely to continue rising for a while, an industry expert said Wednesday.
Patrick De Haan with GasBuddy told KTAR News 92.3 FM’s The Mike Broomhead Show it’s unlikely prices hit $6 per gallon, but Russia’s ongoing conflict with Ukraine will continue to have a negative impact on gas costs.
The average price Wednesday in Phoenix was $5.03, outpacing the state average of $4.83 and national average of $4.57.
“A lot of this is going to be contingent on Russia’s oil and when it could make it back to the global market,” De Haan said. “With Russia fighting actively in Ukraine, that’s something that may not happen soon.
“So, we could be stuck with high and rising prices for some time.”
De Haan said even with the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, it’s not enough to combat rising prices.
He still expects heavy road travel during the summer, even with expensive gas costs.
“I’m going to say that some people are going to stay closer to home,” De Haan said. “Some people may not move at all, but there’s still a big chunk of Americans that are going to be hitting the road this summer in light of probably the best summer conditions since COVID.”