Buckle up and be prepared for gas prices to remain high in the near term despite indications average gas prices have taken a slight dip in Arizona during the past few weeks.
Supply Chain …
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Buckle up and be prepared for gas prices to remain high in the near term despite indications average gas prices have taken a slight dip in Arizona during the past few weeks.
Supply Chain Management Professor Dale Rogers said Valley motorists should expect high gas prices despite AAA reporting the national average gas cost has gone down.
On Thursday, AAA reported the national average for a gallon of regular gasoline fell by three cents to $4.15 per gallon.
On March 7, gas prices set an all-time high in Arizona, beating the previous mark set 14 years ago during the Great Recession of 2008. That day the average price for a gallon of gas was $4.12 — which broke the state high set in July 2008 when gas came in at $4.09 per gallon.
Crude oil prices amid the Ukraine-Russia conflict are big reasons why consumers are seeing higher prices at the pump.
“I think it will be very difficult for it to come back down,” Rogers said.
Last week, the Associated Press reported President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months to try to help control energy prices that have spiked after the United States and allies imposed sanctions on Russia.
But Rogers said the move may be politically motivated rather than a step to alleviate costs at the pump.
“It’s less than 1%,” Rogers said. “It’s a drop in the bucket. It doesn’t really matter.”
High volatility means oil prices will climb, Rogers said.
In Arizona, the average gas price on April 7 was $4.62 per gallon — 47 cents higher than the national average, according to the AAA website. Maricopa County’s average gas price was $4.66 per gallon on Thursday, the website said.
To complicate matters, the U.S. Congress voted Thursday to suspend normal trade relations with Russia and ban the importation of its oil, the Associated Press reported.
At one point in March, the price for crude oil stood at $115 per barrel. In early August, crude oil was $50 per barrel.
“Benchmark U.S. crude oil for May delivery fell 20 cents to $96.03 a barrel Thursday,” the Associated Press reported.
But gas in Arizona has gone down four to five cents per gallon over the last week, said Aldo Vazquez, an Arizona AAA spokesman.
Experts have said the war in Ukraine, inflation and demand have led to higher prices at the pump.
Valley residents have driven less and demand has eased a bit during the past 14 days or so. Over the last few weeks, demand has decreased due to higher gas prices, Vazquez said.
“The decrease in gas demand over the last few weeks is because of higher gas prices,” Vazquez said.
Rogers said he would like to believe the outlook on gas prices should change by this summer.
“I don’t know if it will,” Rogers said. “It’s a crazy time right now.”
Whatever outcome is in store for the Russia-Ukraine conflict could clear up murky waters that loom over current gas prices.
Russia produces about 10% of the world’s crude. That percentage might be too big a gap to make up overnight, according to Rogers.
“We are going to see higher prices because of the sources— you can’t replace 10% of oil from Russia very easily.”
For more information, please visit https://gasprices.aaa.com/
Brent Ruffner Lead News Reporter | Daily Independent @AzNewsmedia
Journalism has fascinated Brent Ruffner since junior high school.
Since 2001, his stories have been published in newspapers from the Albuquerque to the Arizona and he has always had a knack for making sure his facts are right and his words are to the point.
Growing up, Brent watched as sports reporters covered his beloved Phoenix Suns, a team he followed since Charles Barkley first arrived in Phoenix via trade in 1992. Sports reporting was a dream back then.
But after gaining some writing experience, Brent found a love for news instead of covering different types of sports. In 2008, he moved to New Mexico and covered crime, schools and city beats all while holding elected officials accountable.
He covered stories that ranged from a DEA drug bust gone bad to an award-winning story on school lunches.
In Arizona, Brent was a freelance writer who covered everything from the importance of citrus in the state to Esteban owning a store in downtown Prescott.
Brent is a 2007 graduate of the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.
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