See where some of the lowest gas prices are in Chandler

Gas prices are up again across the region as oil prices jumped again this week.

Prices in the Valley rose 4 cents this week to $4.82 a gallon, while the state average rose 4 cents to 4.71 a gallon and the national average rose a whopping 34 cents a gallon to reach $4.39 a gallon according to AAA Arizona on Friday.

“Oil prices have surged above $100 a barrel with no indication of when the Strait of Hormuz will reopen,” said AAA Mountain West Group spokesperson Doug Johnson in a release. “Gas prices are the highest they’ve been in four years.”

As of May 2, gasbuddy.com, the lowest non-club price in Chandler was a three-way tie. The Circle K  stores at both 498 S. Arizona Avenue and at 1995 S. Arizona Avenue, along with the QuikTrip at 2010 S. Arizona Avenue, all list $4.69 per gallon for 87 octane.  

At the close of Wednesday’s formal trading session, oil rose $6.95 to settle at $106.88 a barrel. The Energy Information Administration reports crude oil inventories decreased by 6.2 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year.

At the same time, gasoline demand increased last week from 9.05 million barrels a day to 9.10 million. Total domestic gasoline supply decreased from 228.4 million barrels to 222.3 million. Gasoline production decreased last week, averaging 9.8 million barrels per day.

Arizona remained the seventh highest gas market in the nation, behind California ($6.01), Hawaii ($5.64), Washington ($5.57), Oregon ($5.15), Nevada ($5.12) and Alaska ($4.92).

According to gasbuddy.com, the cheapest gas in the Valley can be found at Sam’s Club in Gilbert at Gilbert Road and Houston Avenue and at Sam’s Club at the Tempe Marketplace, both at $4.10 a gallon.

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