Drop in Arizona gas prices marks month of descent - East Valley Tribune: Arizona

Drop in Arizona gas prices marks month of descent

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Posted: Thursday, June 9, 2011 12:52 pm

Fuel prices dropped again this week, marking a monthlong descent for Arizona drivers. The average gas price for the state was $3.614 per gallon on Thursday, a drop of 3.7 cents from last week. Across the nation, the average price per gallon dropped five cents from last week to $3.734.

Crude oil prices flirted with the $100 mark this week, AAA Arizona reports, as economic slowdown, demand destruction, and the reopening of the Keystone Pipeline attempted to pull prices downward. Also playing havoc with the price were investors and OPEC’s announcement this week that it would table a decision to increase oil production.

“Yesterday’s market reaction to the cartel’s announcement demonstrates the vast intricacies that influence the price of oil from day to day,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “Fortunately, none of those dynamics have created the dramatic shifts we saw in the market earlier this year. As a result, motorists should continue to experience some relief at the pump, barring unforeseen circumstances.”

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