Gas prices in Phoenix could notably drop by July, expert says
May 17, 2023, 8:17 AM | Updated: 8:18 am
(Allen J. Schaben/Getty Images)
(Allen J. Schaben/Getty Images)
PHOENIX — Prices at Phoenix gas pumps have been steadily high, but some relief could be coming in the coming weeks, according to a fuel industry expert.
“So long as there are not any new issues, we could conceivably see prices that could drop 50-75 cents a gallon by July 4,” GasBuddy analyst Patrick De Haan told KTAR News 92.3 FM’s The Gaydos and Chad Show on Tuesday.
“Maybe more if the situation is much better than expected, maybe less if there’s a new issue that comes up.”
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Gas prices in Phoenix on Wednesday were at an average of $5, up 20 cents from a month ago but about the same as last year’s average of $5.01, according to AAA.
De Haan said lower gas prices in the near future are dependent on getting oil refineries that supply the market back online as they’ve been down for partial maintenance.
The summer months also typically bring a spike in prices, as Phoenix is legally required to purchase cleaner burner gas when daytime temperatures rise due to air quality regulations. The result means a higher price for a gallon of gas in the area.
“It’s like one state asking for a very particular iPhone with different things in it. It can’t have this technology, it has to have this — that’s kind of what Arizona is doing in some of these areas,” De Haan said.
Arizona had the third-highest average gas price in the nation at $4.66 on Wednesday, coming behind Hawaii and California.
The state’s average was about $1 above the average national gas price of $3.52, but still fell behind last year’s average in Arizona of $4.81.
