Gas prices could reach record-highs this year

Gas keeps getting more expensive in Arizona and even with the oil from the reserves, it's only going to get worse.
Published: Mar. 3, 2022 at 9:03 PM MST
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PHOENIX (3TV/CBS 5) - Gas prices are rising across Arizona this week. AAA says as of Thursday night, the average price for a gallon of gas in Arizona is $3.89. Maricopa County is averaging $3.96. That’s about 6 cents higher than the average Wednesday. Experts say the Russian invasion of Ukraine is sending prices near record highs. The United States and allies released 60 million barrels of crude oil reserves to try and limit the prices at the pump at home.

AAA says the reserve barrels won’t stop prices from soaring. “It wouldn’t be a long-term solution whatsoever, and we don’t anticipate gas prices going down anytime soon,” AAA spokesman Aldo Vazquez said.

Vazquez says the world would need a lot more than 60 million barrels to really help keep prices down. He says crude oil barrels are costing up to $110 right now. They were only $70-$80 in August.

Vazquez says prices were already increasing before Russia invaded Ukraine, but the situation there has the oil market soaring. Combine that with an increase in demand as people start returning to a normal routine with lower COVID-19 cases, Vazquez expects prices to keep rising. AAA says the record-high average in Arizona was $4.09 a gallon in 2008. Vazquez wouldn’t be surprised if the prices pass that sometime this year. “The summer blend typically costs more than the winter blend, so we will start to see the prices go up because of that as well.”

When asked when we could see prices start to drop, Vazquez predicted the fall at the earliest. To check prices around Arizona, click here.