Gas prices seen April 9 at the Quik Trip at 114th Avenue and Bell Road in Surprise. Gas prices dropped around the Valley this week but rose in the state and the nation.
By Jeff Wendt and Jason W. Brooks, Independent Newsmedia
Gas prices in the Valley rose 16 cents this week to $4.94 per gallon as tensions in the Middle East continued to impact prices.
During the same period last year, gas was at $3.43 a gallon, showing a $1.52 increase over the previous year. One month ago, gas was one cent more at $4.95 a gallon.
In Chandler, according to gasbuddy.com as of May 9, 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 $4.79 per gallon for 87 octane.
The state average also rose 17 cents this week to jump up to $4.84 a gallon, up $1.55 during the same time last year. One month ago, gas was 10 cents cheaper at $4.74 a gallon in the state.
“While crude oil prices dipped below $100 per barrel amid ongoing negotiations to reopen the Strait of Hormuz, gasoline prices continue to face upward pressure from global supply concerns,” said AAA Mountain West Group spokesperson Julian Paredes in a release.
Nationwide, gas prices jumped 25 cents for the week to $4.55 a gallon, which is $1.40 higher than this time last year, and have reached its highes levels since 2022, when the national average peaked at $5.01 a gallon.
At the close of Wednesday’s formal trading session, oil prices dropped $7.19 to settle at $95.08 a barrel. The Energy Information Administration reports crude oil inventories decreased by 2.3 million barrels from the previous week. At 457.2 million barrels, U.S. crude oil inventories are about 1% above the five-year average for this time of year.
Gasoline demand decreased last week from 9.1 million barrels a day to 8.81 million. Total domestic gasoline supply decreased from 222.3 million barrels to 219.8 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.
Arizona fell to eighth this week in the national's most expensive gas markets, ahead of California ($6.16), Washington ($5.76), Hawaii ($5.66), Oregon ($5.34), Nevada ($5.23), Alaska ($5.21) and Illinois ($4.99).
Locally, according to gasbuddy.com, the cheapest gas can be found at In the Zone at Signal Butte and Main St. in Apache Junction at $4.39 a gallon, and at the Sam’s Club in Gilbert at Gilbert Road and Houston Avenue and at Sam’s Club at the Tempe Marketplace at $4.44 a gallon.
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