After nine weeks on the decline, prices at the pump have reached a plateau across our state. However, this week, Arizona motorists are enjoying the lowest prices in the country. Statewide, motorists are paying an average of $3.391 per gallon, an increase of less than a penny from last week. Nationwide, fuel prices increased seven cents to $3.655 per gallon.
The price of crude remained relatively flat compared with last week, settling in the high $90 range. Crude’s recent momentum can be attributed to a weakened dollar, largely due to the U.S. debt crisis. Crude’s recent climb has resulted in wholesale prices inching up across much of the country and retail prices following suit.
“Averages across the country have continued to climb this week, as retail margins across the country have started to slowly erode,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “In Arizona, retail margins in Arizona have remained fairly healthy, which has mitigated pump price increases so far across the state. However, should the price of crude continue to increase, retail prices at the pump will likely follow suit.”
Tucson and Flagstaff hold the low and high state fuel averages at $3.286 and $3.655 per gallon, respectively. Arizona and Connecticut hold the low and high price extremes for the lower 48 states at $3.391 and $3.974 per gallon, respectively.