Gas prices continuing downward trend in the West Valley

Gas prices continued to drop this week in the Valley, according to a release from AAA Arizona.

Prices in the Phoenix area fell 19 cents this week to an average of $3.94 a gallon, continuing the downward trend.

In Goodyear, prices fell 17 cents to $3.92 a gallon. 

The state average dropped 17 cents this week, down to $4.08 a gallon, and 70 cents down from a month ago. The decline has seen the state no longer be among the highest priced for gas.

“Crude oil prices continue to fall as the U.S. and Iran work toward a long-term deal,” said Aldo Vazquez, spokesperson for AAA Mountain West Group in the release. “Despite lower prices, demand could rise as a record number of Americans prepare to travel for Independence Day weekend, with 85% planning to drive to their destinations.”

At the close of Wednesday’s formal trading session, crude oil fell $2.87 to settle at $70.34 a barrel. The Energy Information Administration reports that crude oil inventories decreased by 6.1 million barrels from the previous week. At 412.1 million barrels, U.S. crude oil inventories are about 7% below the five-year average for this time of year.

Gasoline demand decreased last week from 9.21 million barrels per day to 8.77 million. Total domestic gasoline supply increased from 214.2 million barrels to 216.3 million. Gasoline production decreased last week, averaging 9.5 million barrels per day.

Arizona is no longer in the top 10 most expensive states. The top five are Hawaii ($5.53), California ($5.50), Washington ($5.27), Alaska ($4.93) and Oregon ($4.78).

In the Valley, according to gasbuddy.com, the cheapest gas in the Valley continues to be at the Sam’s Club in Gilbert at Gilbert Road and Houston Avenue and at Sam’s Club at the Tempe Marketplace at $3.40 a gallon.

The 7-Eleven at 1025 N Estrella Pkwy is selling the cheapest gas in Goodyear for $3.69 a gallon. In Litchfield Park the cheapest gas is offered for $3.79 a gallon at Circle K at 13012 W Indian School Rd.