Arizona gas prices steadily decline amid recession fears
PHOENIX (AZFamily) — Gas prices have been on a steady decline in the last week in the Phoenix-area. In the Valley, the average is roughly $3.56 a gallon, way down from $4.31 this time last year.
Experts say cheap oil prices are leading to cheaper gas at the pump, and its fueled by recession fears. Typically around this time of year, Arizona sees some of the highest prices in the country when gas stations are required to switch to the boutique summer fuel blend, but now it’s falling.
“Well, the big reason is the cost of oil. So in the last week, we’ve definitely seen a very significant drop in the cost of oil,” said Julian Paredes with AAA. “A big part of it is Arizona is just a more populous state. We’re a bigger state, but we also get a significant amount of gas from California. So that’s going to make our gas a little bit more expensive. But overall, gas prices are cheaper compared to last year.”
Paredes said it was hard to predict if the prices will continue to lower with a higher demand in the summer time. But in the same breath, he said Organization of the Petroleum Exporting Countries (OPEC) is upping their production in May, which typically leads to lower prices.
“It’s pretty tricky to say, summer travel season is just around the corner. That’s usually when gas prices peak for the whole year. But if oil prices stay low, it might actually mitigate a little bit of that,” he explained. “There’s some reason to believe that might actually happen.”
Paredes recommended the following for drivers who are looking to save at the pump.
“You definitely want to check out apps on your phone, like the AAA app. It can help you find cheap gas prices so you can kind of find the cheapest gas station in your area. It’s definitely a great resource,” he said.
Drivers can also check for cheap gas prices on our Arizona’s Family website.
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