Gas prices fall for a third straight week in the West Valley

Consumers are seeing a break at the pumps as for the third straight week gas prices have fallen in the Valley and the state, according to AAA Arizona.

Across the Valley, gas prices fell 17 cents to $4.40 a gallon, which  reflects a 46 cent decrease in the last month.

In th West Valley, gas prices fell 17 cents to $4.39 a gallon, which also reflects a 46 cent decrease in the last month.

In the state, prices fell 14 cents to $4.46 per gallon. That reflects a 34 cent decrease over the past month.

“Since May 21, the national average has dropped from $4.56 to $4.12 thanks to crude oil prices remaining below $100 per barrel,” said Aldo Vazquez, spokesperson for AAA Mountain West Group in a release. “Gas prices typically peak around this time of year, but uncertainty surrounding the Strait of Hormuz makes this year more unpredictable. Pump prices remain at four-year highs, but the national average is currently far from the record set on June 11, 2022, of $5 per gallon.”

At the close of Wednesday’s trading crude oil prices settled at $90.03 a barrel. That reflects a $4 per barrel decrease over the last week. Crude oil inventories decreased by 7.2 millions barrels from the previous eek according to the Energy Information Administration. At 426.5 millions barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year.

Gasoline demand increased over the past week from 8.59 million barrels a day to 8.73 million, according to the EIA. Gas production increased, averaging 9.7 million barrels a day.

Arizona jumped up to the seventh-highest priced market in the nation despite the decrease in prices. Arizona trails California ($5.80), Hawaii ($5.58), Washington ($5.56), Alaska ($5.15), Oregon ($5.04) and Nevada ($4.96).

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 $3.70 a gallon.

In Goodyear, the cheapest gas can be found at Fry's at 16380 W Yuma Rd, for $4.38 a gallon. In Litchfield Park, Fry's at 13710 W Camelback Rd
is offering $4.39 a gallon.