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Gas prices continue to plummet

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Posted: Wednesday, December 24, 2008 3:06 pm

East Valley motorists are receiving a holiday gift at the gasoline pumps — the lowest per gallon average price for unleaded in Arizona.

The price is $1.49, or 4 cents less than last week.

Gas prices dropped for the 14th consecutive week for drivers in Arizona. They’re paying $1.34 less per gallon than they were paying at this time last year, according to AAA Arizona.

Statewide, the average price is $1.60 on average, with Flagstaff motorists paying the highest at $1.82 per gallon.

Nationally, the average price is $1.66, a drop of nearly 2 cents from last week.

“While pump prices have continued to move lower this week, the rate at which they have fallen has slowed dramatically,” said Linda Gorman, public affairs director for AAA Arizona.

Gorman said the future price at the pumps depends on the cost of crude oil.

“Should prices firm in the $40 per barrel range, it would indicate that prices are nearing their bottom,” Gorman said. “However, should prices continue to trade in the $30 range, we could see prices continue to slip lower into the early part of 2009.”

Light, sweet crude for February delivery fell $3.63 Wednesday to settle at $35.35 a barrel in a shortened day of trading.

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