Gas prices continue to fall - East Valley Tribune: Arizona

Gas prices continue to fall

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Posted: Friday, December 2, 2011 12:19 pm

Fuel prices fell for the sixth consecutive week across Arizona and the country. In Arizona, motorists were paying an average of $3.224 per gallon on Thursday, a drop of 3.5 cents from last week. Across the nation, the average fuel price slid 2.6 cents to $3.292 per gallon.

Crude prices hovered near the $100 price point, gaining a nearly 9 percent increase over last month. Reports indicate the European Union may consider banning Iranian oil imports, resulting in the commodity's upturn.

"Fuel consumption tends to experience a seasonal slump, as other oil by-products, such as diesel and heating oil, experience a wintertime demand," said Linda Gorman, director of communications and public affairs for AAA Arizona. "Coupled with healthy retail margins, fuel prices have the potential to resist an upward turn in the short term, barring unforeseen circumstances."

In the East Valley, drivers were paying $3.181 per gallon Thursday, 3.3 cents lower than last week. Tucson and Flagstaff hold the low and high state fuel averages at $3.048 and $3.454 per gallon, respectively.

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