Gas prices continue climb as price soar to all-time August high in Valley, Cave Creek

Gas prices in the Valley rose 10 cents this week to settle at $4.54 a gallon, according to AAA Arizona on Friday.

A year ago at this time, consumers were paying $3.52 a gallon.

The national average, at $4.10 a gallon, which is up 4 cents a gallon over last week, means this is the highest gas has ever been in the month of August. So far, the monthly average is $4.06, currently surpassing 2022 when the monthly average for August was $3.97.

“Even though gasoline demand is down, which is typical for this time of year, crude oil is pushing up the national average,” said Doug Johnson, spokesperson for AAA Mountain West Group in a release. “Crude oil prices remain in the $80 per barrel range amid continued instability in the Strait of Hormuz.”

The state average is at $4.46 a gallon, up 6 cents from last week.

Gas prices in Cave Creek continued an upward trend as well. The cheapest gas in Cave Creek can be found at the Circle K at 6210 E. Cave Creek Road at $4.49 a gallon.  Another Circle K, located at 6802 E. Cave Creek Road has gas at $4.59 a gallon, and the Chevron at 5439 E. Carefree Highway has gas at $4.59 a gallon. 

At the close of Wednesday’s formal trading session, crude oil rose 89 cents to settle at $85.83 a barrel. The Energy Information Administration reports that crude oil inventories increased by 4.4 million barrels from the previous week. At 428.8 million barrels, U.S. crude oil inventories are matching the five-year average for this time of year.

Gasoline demand decreased last week from 8.96 million barrels per day to 8.68 million. Total domestic gasoline supply increased from 208.7 million barrels to 209.4 million. Gasoline production also increased last week, averaging 9.7 million barrels per day.

Despite the rise in prices, Arizona fell to ninth this week in the Top 10 most expensive gas markets, behind California ($5.58), Hawaii ($5.42), Washington ($5.24), Alaska ($4.83), Nevada ($4.77), Oregon ($4.75), Idaho ($4.49) and Colorado ($4.47).

In the Valley, according to gasbuddy.com, the cheapest gas can be found at Costco at 101st Avenue and McDowell Road in Avondale, the Costco at Verrado Way and the Interstate 10 in Buckeye, the Sam’s Club at 83rd Avenue and McDowell Road in Phoenix and Buc-ee’s at Bullard Road and the Interstate 10 in Goodyear, all at $3.75 a gallon.