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Gas prices in Tempe increase this week

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After a slight increase last week, gas prices took a sharp upward turn this week as prices jumped 33 cents to land at $4.13 a gallon on average around the Valley, AAA Arizona said in a release late Thursday.

In Tempe, prices sit above the $4 mark for the first time in several weeks. 

“Instability along the Strait of Hormuz is contributing to the increase at the pump,” said Aldo Vazquez, spokesperson for AAA Mountain West Group in the release. “Crude oil prices have risen toward $80 per barrel, and those prices play a significant role in the prices consumers pay.”

The state average also rose significantly, with prices jumping 25 cents to $4.16 per gallon. The national average sits at $3.98, up 10 cents a gallon from last week. The same is true for Tempe stations. 

Costco and Sam's Club have prices around $3.70, according to gasbuddy.com. Fry's and CircleK have prices around $3.99 with other stations having prices as high as $4.09. 

Crude oil rose 26 cents a barrel at he close of Wednesday’s trading session to settle at $79.60 a barrel. The Energy Information Administration reports that crude oil inventories decreased by 1.7 million barrels from the previous week. At 409.7 million barrels, U.S. crude oil inventories are about 6% below the five-year average for this time of year.

Arizona rejoined the top 10 in most expensive gasoline markets, landing at a tie for seventh, behind Hawaii ($5.43), California ($5.40), Washington ($4.98), Alaska ($4.67), Nevada ($4.55), Oregon ($4.51) and Illinois ($4.12).

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