Gas prices remain high in Arizona, fluctuate around the US: here’s why
PHOENIX (3TV/CBS 5) -- One of the longest gas price declines on record has come to an end after 14 consecutive weeks
GasBuddy reports the nation’s average gas price is now $3.67, which is 3.2 cents higher than a week ago. Meanwhile, the costs in Arizona are much higher. Last week, the average cost for regular unleaded was about $3.98. As of Tuesday morning, it’s now $4.18.
According to AAA spokesperson John Treanor, hurricanes and recent political turmoil in Russia contribute to fluctuating gas prices. Hurricane Ian could also cause more problems as it approaches Florida, depending on the storm’s track.
“It’s hurricane season and hurricane season means oil production slows or stops in the Gulf and that means supply gets hurt so supply might have struggled reaching up with demand and that could mean prices continue to climb. At the same time, states that get their oil from California have already been dealing with supply issues because of maintenance both scheduled and unscheduled in California,” said Treanor.
As global conflict continues, that’s also contributing quite a bit.
“We were closing in about 100 consecutive days nationwide of prices going down and now they’re looking to go back up and it’s a complicated reason. There’s a lot of reasons that go into it, everything from Russia’s escalation in Ukraine to COVID in China to the US economy and more timely, the incoming hurricane right now which could have a negative effect on the oil industry and that could make supply go down”
How long prices could last?
“Hurricane season, maintenance in California: these are temporary situations. So temporary, it will end eventually which means prices might go down because of that. But we still have these really historic circumstances with the U.S. economy, the global economy really, and what’s going on in Ukraine and China. So there’s a lot at play here. It’s just really hard to predict where we’re gonna go.”
Click/tap here for Arizona’s Family gas tracker to find the lowest prices in your area.
Gray News contributed to this report.
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