Pump Prices Experience Largest Dip in Almost a Year
Phoenix, Ariz., July 24, 2008 – Motorists across the state and country are beginning to see prices at the pump fall below the $4 per gallon mark as fuel prices recede for the third consecutive week. Statewide, drivers are currently paying $3.997 for a gallon of regular unleaded gasoline, a drop of over six cents from last week. The last time Arizona motorists experienced a drop in fuel prices of more than a nickel over the course of a week occurred in August 2007. Tucson drivers continue to hold on to the state’s lowest fuel price at $3.797 per gallon, while Flagstaff drivers are paying the most to fill their tanks at $4.208 per gallon. Nationwide, the current average is $4.026 per gallon, a drop of nearly nine cents from last week.
This week, the Department of Energy revealed further proof that motorists are cutting back on fuel as the agency reported demand to be 2.4 percent lower over this time last year. This news, coupled with the realization that Hurricane Dolly would not constitute a serious threat to oil infrastructure in the Gulf of Mexico, supported downward pressure on crude prices. Crude oil is currently trading in the mid $120 per barrel range, which is approximately $20 below its all-time high prices of $147 per barrel established earlier this month.
“The fact that Hurricane Dolly did not have an impact on the market further demonstrates that the cost of gasoline has peaked,” said AAA Arizona Public Affairs Manager Linda Gorman. “Looking forward, we do not anticipate the current downturn in prices to reverse in the short term unless there is a major supply disruption.”
The cheapest gasoline in the continental United States is in Oklahoma, where unleaded regular is $3.793 per gallon. California drivers are paying the most for fuel in the country at $4.396 per gallon.
Motorists can visit www.AAAAZ.com/news/fuelnews.htm for fuel price information and gas saving tips or go to www.AAA.com/fuelfinder to locate the station with the cheapest gas in their neighborhood. They can also visit AAA’s Fuel Cost Calculator at www.fuelcostcalculator.com, which can help drivers plan out their fuel costs so they can budget their travel expenses in advance.
From now through September 30, drivers can also go to www.aaa.com/sweepstakes, visit a local AAA office or call 1.866.298.1232 to request a new insurance quote from AAA to receive a $10 gas card from AAA Insurance and be entered into the grand prize drawing of $20,000 in free gas. Those requesting a quote will also be entered into a monthly drawing to win $1,000 in free gas.
City |
Today’s Price |
Change from last week |
Premium
|
Diesel
|
Last Year’s Price |
East Valley
(Mesa, Gilbert, Chandler, Tempe, Ahwatukee, Apache, Queen Creek) |
$3.958
|
-7.8 |
$4.348 |
$4.675 |
$2.748 |
Flagstaff |
$4.208 |
-3.0 |
$4.622 |
$4.882 |
$3.029 |
Glendale |
$3.993 |
-9.9 |
$4.387 |
$4.758 |
$2.774 |
Peoria |
$3.996 |
-7.7 |
$4.390 |
$4.808 |
$2.772 |
Phoenix (city) |
$3.995 |
-7.5 |
$4.389 |
$4.701 |
$2.773 |
Pima County |
$3.818 |
-3.0 |
$4.195 |
$4.761 |
$2.790 |
Prescott
(Tri-Cities) |
$3.982 |
-7.0 |
$4.374 |
$4.781 |
$2.904 |
Scottsdale
(Scottsdale, Fountain Hills) |
$4.077 |
-6.4 |
$4.479 |
$4.795 |
$2.859 |
Tucson |
$3.797 |
-3.2 |
$4.172 |
$4.747 |
$2.777 |
Yuma |
$3.937 |
-8.8 |
$4.326 |
$4.662 |
$2.810 |
Statewide |
$3.997
|
-6.1 |
$4.391 |
$4.756 |
$2.828 |
National |
$4.026 |
-8.8 |
$4.411 |
$4.788 |
$2.945 |
E-85 |
$3.249 |
-7.9 |
N/A |
N/A |
N/A |
**E85 MPG/BTU adjusted price |
$4.276 |
-10.3 |
N/A |
N/A |
N/A |
*Indicates record price.
**The BTU-adjusted price of E-85 is the nationwide average price of E-85 adjusted to reflect the lower energy content as expressed in British Thermal Units - and hence miles per gallon - available in a gallon of E-85 as compared to the same volume of conventional gasoline. The BTU-adjusted price calculated by OPIS and AAA is not an actual retail average price paid by consumers. It is calculated and displayed as part of AAA's Fuel Gauge Report because according to the Energy Information Administration E-85 delivers approximately 25 percent fewer BTUs by volume than conventional gasoline. Because "flexible fuel" vehicles can operate on conventional fuel and E-85, the BTU-adjusted price of E-85 is essential to understanding the cost implications of each fuel choice for consumers.
AAA Arizona’s Weekly Fuel Gauge includes data from gasoline stations in every Arizona community. However, only major metropolitan areas are shown in the table above. Local prices in some communities might be higher or lower than the averages shown here.
NOTE: AAA Fuel Gauge data may be used on a daily basis by news media Web sites, but should include attribution to AAA. |
