Posted: Feb 12, 2010 11:18 AM
PHOENIX - Arizona motorists are spending a little less to fill their tanks this week, as the state average for fuel recedes for the first time this year.
Statewide, the current average for a gallon of regular unleaded gasoline is $2.653, a drop of two cents from last week. Today’s nationwide average is $2.659 per gallon, a drop of three cents from last week.
This week, the Department of Energy reported a drop in gasoline stockpiles, as refiners across the country trim production in an attempt to manage excess supply. However, as a result of fuel demand remaining at a 2004 low, the price of crude oil continued to stabilize, enabling retail prices across many parts of the country, including Arizona, to recede this week.
“As a result of crude prices continuing to remain stable, retail fuel prices are finally reflecting the correction in oil prices from the start of the year,” said AAA Arizona Public Affairs Director Linda Gorman. “While current market factors do not support a significant price shift in either direction, they do support the current downward trend we experienced this week, which is likely to continue in the short-term.”
In Arizona, Tucson drivers are paying the state’s lowest fuel price with an average of $2.528, while Flagstaff motorists are paying the state’s highest fuel price with an average of $2.795 per gallon. Nationwide, motorists in Missouri are paying the nation’s lowest fuel price with an average of $2.431 per gallon, while California motorists continue to pay the most for fuel in the lower 48 states with an average of $2.983 per gallon.
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