The state's average price is a sharp decrease from the record high of $5.388 hit two months ago.
By Tristan Richards Cronkite News The average price for gas in Arizona fell to $3.99 a gallon Thursday, the first time in months it has been below $4 and a sharp decrease from the record high of $5.388 hit two months ago.
According to the AAA gas price survey, the average cost of a gallon in Arizona Thursday was $3.992, with prices ranging from a high of $4.285 in Mohave County to a low of $3.696 in Pima County. “We had the Russian invasion of Ukraine in March with really spiked oil prices,” said Danny Court, a senior economist at Elliott D. Pollack & Co. in Phoenix. “Then there was a lot of volatility between, basically, March and June where you saw another spike in oil prices in June, and that’s about where the peak of gas prices were.”
Langer said that gas prices typically fall after Labor Day, with fewer people traveling. She said we can expect prices to fall further but added that there is no guarantee for that sort of “long-run statement.” “Given how car-dependent Arizonans are, the price of gas has been top of mind for Arizonans for a while as they navigate this economy with high inflation and high energy costs right now,” Sugrue said.
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