Arizona trending toward average gas price below $3 per gallon, expert says

Dec 13, 2023, 8:32 AM | Updated: Dec 29, 2023, 10:50 am

A sign shows gas prices at a Florida gas station, with regular costing $2.89 per gallon, plus at $3...

Arizona's average gas price could fall below $3, an industry expert said Wednesday, Dec. 13, 2023. (Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

PHOENIX – Gas prices continue to drop across Arizona, following the national trend, and could fall below $3 a gallon in the near future, a fuel industry expert said Wednesday.

“I think your average price may go under $3 there, and you might even see the occasional place selling gasoline for $2.75,” Tom Kloza, global head of energy analysis at price reporting agency Oil Price Information Service, told KTAR News 92.3 FM.

The cost of gas is typically lower during the winter months, but this year’s prices are significantly cheaper than a year ago, providing a gift for holiday travelers.

More than 115 million travelers are expected to take trips longer than 50 miles over Christmas and New Year’s, a 1.8% increase from last year and the second most since AAA started tracking holiday travel in 2000.

How much have gas prices fallen in Arizona?

As of Wednesday morning, the average price for a gallon of regular gas in Arizona was $3.289, according to AAA, about 46 cents cheaper than a month earlier.

Twenty-five states were averaging under $3 per gallon on Wednesday. Texas was the cheapest at $2.59 and Hawaii topped the list at $4.703.

Gas already has dipped below $3 in Tucson, where the average was $2.901.

Metro Phoenix was under the state average at $3.263, more than 50 cents cheaper than a month ago. The Valley decline is expected to continue.

“I think you’re headed to Tucson numbers pretty soon,” Kloza said.

Nationally, the average gas price was at $3.121, down more than 24 cents in the last month.

At this time last year, the average gas price was $3.245 nationally, $3.679 statewide and $3.766 in metro Phoenix.

How long will lower gas prices last?

Kloza said he expects another month or two of relief at the pumps.

“Everything points toward lower prices,” he said. “Now, I do think crude oil and gasoline prices are going to find a recovery toward the end of the first quarter, but the next 30, 45, maybe even 60 days — clear sailing and cheap prices and a nice tailwind for consumer spending.”

KTAR News 92.3 FM’s Jim Cross 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

Two brothers were arrested weeks after a dead body was removed from a car that was on fire in a can...

Pair of brothers arrested weeks after a dead body was found in Phoenix canal

Detectives arrested a pair of brothers after a dead body was found in a car on fire last month in west Phoenix.

1 hour ago

A bear was killed by Arizona game officials after it injured a teenager in northern Arizona. (AZ Ga...

Associated Press

Bear shot dead by Arizona game officers after swipe attack on teen in mountain cabin

A black bear was shot and killed by Arizona fish and game officers after it entered a home through an open door and injured a teenager.

2 hours ago

Lou Malnati’s Pizzeria will open a new location in Surprise this fall. (Lou Malnati’s Pizzeria)...

Chicago pizza chain Lou Malnati’s announces new Surprise location

Lou Malnati’s Pizzeria will open its ninth Valley location this fall. The popular chain plans to open a new location in Surprise.

4 hours ago

(Facebook File Photo/Phoenix Police Department)...

Man riding motorized scooter dead after being hit by vehicle in downtown Phoenix

A local man riding a motorized scooter died on Friday evening after he was struck by a vehicle in downtown Phoenix.

7 hours ago

Follow @KTAR923...

Lane Park brings bowling, ice curling, more to Old Town Scottsdale

Lane Park, a new upscale entertainment venue in Old Town Scottsdale, is now open. The spaces features games, music, food, drinks and more.

8 hours ago

The Wildcat Fire burning north of the Valley and west of the Bartlett Lake Reservoir. (Inciweb Phot...

Firefighters nearing full containment on Wildcat Fire burning north of Phoenix

Firefighters are nearing full containment on the Wildcat Fire burning north of Phoenix. The fire is 84% contained as of Saturday morning.

11 hours ago

Sponsored Articles


Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.


Day & Night Air Conditioning, Heating and Plumbing

Beat the heat, ensure your AC unit is summer-ready

With temperatures starting to rise across the Valley, now is a great time to be sure your AC unit is ready to withstand the sweltering summer heat.


DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

Arizona trending toward average gas price below $3 per gallon, expert says