Gas prices in Arizona could approach $4 per gallon in April

Mar 20, 2024, 11:00 AM

Vehicle gas pump....

The cost of gasoline could approach $4 per gallon by the first week of May 2024.  (AP Photo/Wilfredo Lee)

(AP Photo/Wilfredo Lee)

PHOENIX — The cost of gasoline has steadily been rising in the Valley, and one expert said he doesn’t think it’s slowing down anytime soon.

Tom Kloza, global head of energy analysis at price reporting agency Oil Price Information Service, told KTAR News 92.3 FM on Wednesday that prices could approach $4 per gallon by the first week of May.

“The next six weeks, and particularly as you get into April and the first part of May, that’s when you might have to worry most,” Kloza said.

He points to market gains in March and April as key factors driving potential increases, noting that price corrections usually occur around Cinco de Mayo.

Could Arizona gas prices rise above $4 per gallon anytime soon?

With the average price for a gallon of gas in Maricopa County at $3.81 Wednesday morning, Kloza said that prices could eventually surpass $4.

“I suspect that Arizona may go above $4 this year at some point. Maybe not in this try, but maybe in the fall,” he said.

Additionally, Kloza advised keeping an eye on potential refinery disruptions in the second quarter, as such incidents could easily further disrupt prices.

KTAR News 92.3 FM’s Jim Cross contributed to this story.

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Gas prices in Arizona could approach $4 per gallon in April