Gas prices jump in Goodyear, across the Valley, state and nation

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

In the West Valley, gas prices on average are $4.74, rising 4 cents from last week. Prices across 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.”

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.

The cheapest price in Goodyear, according to gasbuddy.com is at the 7-Eleven at 1025 N Estrella Pkwy at $4.79 a gallon. In Litchfield Park,  Fry's at 13012  W Indian School Rd has the city's cheapest gas at $4.79 a gallon.