Have gas prices topped out in Arizona? Experts weighs in
Sep 22, 2023, 10:30 AM | Updated: Mar 20, 2024, 7:51 am
Gasoline prices in Arizona are among the highest in the country, but some experts believe prices have topped off and more relief could be on the horizon. (AP Photo/David Zalubowski)
(AP Photo/David Zalubowski)
PHOENIX — The cost of gasoline in Arizona is among the highest in the country, but some experts believe prices have topped off and more relief could be on the horizon.
Tom Kloza, global head of energy analysis at price reporting agency Oil Price Information Service, told KTAR News 92.3 FM Tuesday that more states will begin to descend the ladder in gas costs, since the highest totals have already likely been seen.
Although, because Arizona likely has one of the largest increases in gas prices year-over-year, the impact can feel more damaging than other states, Kloza said.
The statewide average Thursday was $4.65, and the national average was $3.86, according to AAA.
Arizona also had the sixth-highest average gas prices in the nation, trailing behind California, Washington, Nevada, Hawaii and Oregon.
What’s the reason for the increase in gas? A second expert explains
Gasbuddy’s Patrick De Haan said there are various reasons for why the state is facing higher than usual gas prices.
“The problem is Arizona’s population is booming, and there’s just not enough refineries to be able to churn out enough gasoline. In addition, there’s not enough pipeline capacity to bring that in,” De Haan told KTAR News 92.3 FM’s Gaydos and Chad Show on Thursday.
In late August, De Haan said he believed gas prices in Arizona could dip in mid-September. However, the price of oil is at the highest level since last November.
Once refinery outages are resolved, he believes prices will begin to dip.
KTAR News 92.3 FM’s Jim Cross contributed to this report.
