West Valley gas prices drop for the second straight week

Valley gas prices dropped for the second straight week, in the West Valley dipping 13 cents  to $4.55 a gallon, and across the state falling 15 cents a gallon to $4.57 a gallon on average, according to a release from AAA Arizona on Friday.

The prices reflects a 35 cent a gallon drop from a month ago, when prices were hovering near $5 a gallon.

“Drivers will take all the relief they can get as they embark on summer road trips,” said AAA Mountain West Group spokesperson Aldo Vazquez in the release. “But uncertainty lingers over when the Strait of Hormuz will fully reopen. That unknown means oil prices will likely not decrease dramatically as summertime gasoline demand climbs.”

The state average dropped 11 cents this week to $4.60 a gallon, and has dropped 20 cents over the last month.

The national average dropped 17 cents to $4.22 a gallon, and is down 26 cents over the last month.

While the price of gas has dropped, crude oil prices have risen.

At the close of Wednesday’s formal trading session, oil rose $2.26 a barrel to settle at $96.02. The Energy Information Administration reports crude oil inventories decreased by 8 million barrels from the previous week. At 433.7 million barrels, U.S. crude oil inventories are about 3% below the five-year average for this time of year.

Gasoline demand also decreased last week, dropping from 9.25 million barrels per day to 8.59 million. Total domestic gasoline supply increased from 211.6 million barrels to 215 million. Gasoline production decreased last week, averaging 9.4 million barrels per day.

Arizona remains the eighth highest gasoline market in the country, behind California ($5.97), Washington ($5.66), Hawaii ($5.62), Alaska ($5.21), Oregon ($5.16), Nevada ($5.09) and Illinois ($4.66).

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 $3.90 a gallon.

In Goodyear, 7-Eleven  at 1025 N Estrella Pkwy offers the lowest gallon of gas at $4.47. In Litchfield Park the Circle K at 13012 W Indian School Rd is selling gas at $4.55 a gallon.