Prices at the pump in Arizona declined for the sixth consecutive week, totaling a 44-cent drop. “The drop is the largest uninterrupted decline we’ve had all year,” said Yvette Lopez, spokeswoman for AAA Arizona.
Fuel prices in Arizona have not been this low since March 30, she said.
“Gasoline prices have dropped about a penny a day for the past forty-two days,” Lopez said.
WHY IT DROPPED: Lopez said the primary reason is the steady reduction in crude oil prices, which had reached a record high of $78 per barrel in July but now is slightly higher than $61 a barrel — a drop of $17 in six weeks.
This 20 percent drop in oil prices is the sharpest decline in 15 years.
“It’s good news,” Lopez said.
WHAT’S AHEAD: “More price relief at the pump is expected,” Lopez said. “There is no telling how far prices will go or how long the relief will last.”
Liberty Trading President James Cordier said that with geopolitical and weather risks easing — and speculators taking chips off the table — energy futures could continue to tumble.