Arizona gas prices down again, near year-ago prices - East Valley Tribune: Business

Arizona gas prices down again, near year-ago prices

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Posted: Thursday, May 10, 2012 1:31 pm

Arizona pump prices have fallen for six straight weeks, and are now within a nickel of year-ago prices, according to AAA Arizona.

In the East Valley, motorists are paying an average of $3.780, or 3.1 cents less than last week. Around the state, drivers are paying an average of $3.798 per gallon, a drop of 2.7 cents from last week.

On Thursday, the national average was at $3.739, or better than 6 cents less than last week.

This week, the price of crude oil slipped for six consecutive days, marking the longest streak of declines for the commodity in two years. While several factors point to continued pump price relief, refinery trouble, which has triggered inventory concerns on the West Coast, have recently surfaced, causing a spike in West Coast wholesale pricing. Depending on the duration of the price spike, this could reverse the current downward trend in the region, including Arizona.

“At this point, it’s too soon to tell when and to what extent the spike in the West Coast wholesale markets will impact Arizona retail prices,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “In the short-term, this may result in tightened retail prices, or even a price reversal, as we move closer to the holiday weekend.”

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