Queen Creek gas prices see slight drop

Gas prices around the Valley saw a slight decline this week, with prices dropping by 5 cents a gallon down to $4.89 a gallon while the state and nation saw an uptick in prices according to AAA Arizona.

Gas prices in the state rose 2 cents a gallon, up to $4.72 on average, while the national average increased 6 cents to $4.15 a gallon.

The average price for a gallon of regular gas is still hovering at around $4.95 in Queen Creek.

The least expensive gas in town can be found at Costco at 20220 S. Ellsworth Road at $4.29 a gallon, according to gasbuddy.com. Several area gas and convenience stores are reporting prices of $4.95 to $4.97 for a gallon of regular.

“Crude oil prices remain high, even as they’ve fluctuated in recent days following the announcement of a two-week ceasefire between the U.S. and Iran,” said AAA Mountain West Group spokesperson Julian Paredes in a release. “The price for a barrel of crude dropped below $100 but then rose again, highlighting the volatility of oil markets and fluidity of geopolitical events.”

At the close of Wednesday’s formal trading session, oil prices fell $1.26 to settle at $100.12 a barrel.

Arizona remains the sixth-highest average price in the nation, following California ($5.89), Hawaii ($5.50), Washington ($5.36), Oregon ($4.96), and Nevada ($4.94).

According to new data from the Energy Information Administration, gasoline demand decreased last week from 8.92 million barrels per day to 8.68 million. Total domestic gasoline supply decreased from 241.4 million barrels to 240.9 million. Gasoline production decreased last week, averaging 9.6 million barrels per day.

The cheapest price in the Valley, according to gasbuddy.com is in Gilbert at the Costco on Country Club Road near Baseline Road, and at Sam’s Club in Tempe near Tempe Marketplace, both stations at $3.94 a gallon.