Phoenix gas prices expected to fall and stay under June record highs
PHOENIX — Gas prices in metro Phoenix have creeped up to $5.02 per gallon as of Friday, per AAA, but are expected to see a decline over the coming weeks.
The rise in prices was attributed to refinery issues in California, according to Patrick De Haan, head of petroleum analysis for GasBuddy.
“We’ve seen over four refineries go down unexpectedly,” De Haan said. “The good news is that refinery issues appear to be improving.”
Despite the city average creeping over $5 per gallon, they are not expected to reach the record average price of $5.69 which was seen in June.
“I do think we will start to see a decline in prices coming that could result in a significant drop starting as early as this weekend into next week,” De Haan said. “It could last from six to eight weeks.”
Arizona and the southwest have taken the brunt of the sharp increase as the national average is still comfortably under $4 per gallon at $3.89. The Arizona state average is also well lower than the metro Phoenix area, coming in at $4.55 per gallon.
Prices in California are averaging over $6 per gallon and in Nevada the state average is $5.50 per gallon. Those two states, Arizona and the rest of the Pacific Northwest are projected to see the biggest relief in the coming weeks.
I should have put this map out Sunday, since some of these areas have already seen part of their projected rise. This is what I anticipate in the coming weeks will happen to #gasprices, and has been a PITA to explain. This does factor in OPEC’s decision to cut production. pic.twitter.com/SZi5UrdOcx
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) October 7, 2022
According to De Haan, help is on the way.
“With wholesale prices starting to come back, stations are going to start lowering prices more aggressively,” De Haan projects.