GasBuddy releases gas price update for the state of Arizona

YUMA COUNTY, Ariz. (KYMA, KECY) - Arizona's gas prices fell 13.8 cents per gallon since last week. According to a GasBuddy survey, this averages to $4.39/g as of Monday.

GasBuddy also said that prices in Arizona are 27.7 cents per gallon lower than a month ago, and 74.8 cents per gallon lower than a year ago.

In addition, the national price of diesel fell 3.4 cents per gallon, standing at $3.88/g.

Overall, the cheapest station and lowest price in the state of Arizona is $3.22/g. On the other hand, the most expensive and highest price in the state of Arizona is $5.79/g. This is a difference of $2.57/g.

Ten year gas price difference

Here is a list of the following gas prices dating back ten years:

• June 5, 2022: $5.14/g (U.S. Average: $4.85/g)
• June 5, 2021: $3.13/g (U.S. Average: $3.05/g)
• June 5, 2020: $2.19/g (U.S. Average: $2.01/g)
• June 5, 2019: $3.13/g (U.S. Average: $2.78/g)
• June 5, 2018: $3.08/g (U.S. Average: $2.94/g)
• June 5, 2017: $2.40/g (U.S. Average: $2.37/g)
• June 5, 2016: $2.18/g (U.S. Average: $2.36/g)
• June 5, 2015: $2.75/g (U.S. Average: $2.76/g)
• June 5, 2014: $3.52/g (U.S. Average: $3.66/g)
• June 5, 2013: $3.45/g (U.S. Average: $3.62/g)

Neighboring areas

At the same time, here are the neighboring areas and their current gas prices:

• Las Vegas- $4.23/g, up 1.1 cents per gallon from last week's $4.22/g.
• Phoenix- $4.71/g, down 12.6 cents per gallon from last week's $4.84/g.
• Tucson- $4.25/g, down 16.5 cents per gallon from last week's $4.41/g.

Response

"While the national average drifted lower last week as oil prices cooled off, the drop may be temporary. OPEC+ agreed Sunday to additional production cuts, while Saudi Arabia is going above and beyond and cutting July production. As a result, oil prices are likely to see upward pressure as global supplies, which have remained tight, promise to become even tighter as a result," said Patrick De Haan, head of petroleum analysis at GasBuddy.

"Last time OPEC+ agreed to cut production, it led to a temporarily rally in the price of oil, but as global oil demand hasn't been as strong as expected, the cut failed to hold oil prices up. OPEC+ and Saudi Arabia are likely hoping that the rise in oil prices will stick longer this time, as the Saudi economy relies on oil prices north of $81 per barrel. It's likely that as a result of the production cut, oil prices could rally this week, pushing gasoline prices higher as early as mid-week. How long any rise in gas prices lasts is up in the air, but I do not yet believe motorists need to be worried. Any rise in average prices should be fairly small, and we're still extremely unlikely to make a run at record prices anytime soon," De Haan added.