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Gas Prices Reach Plateau
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12 December 2016   Patrick DeHaan, Gregg Laskoski

Gas prices in Arizona fall 1.1¢ per gallon.

Arizona, AZ, December 12- Average retail gasoline prices in Arizona have fallen 1.1 cents per gallon in the past week, averaging $2.07/g yesterday, according to GasBuddy's daily survey of 2,269 gas outlets in Arizona. This compares with the national average that has increased 2.9 cents per gallon in the last week to $2.21/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Arizona during the past week, prices yesterday were 9.1 cents per gallon higher than the same day one year ago and are 6.3 cents per gallon lower than a month ago. The national average has increased 4.7 cents per gallon during the last month and stands 20.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on December 12 in Arizona have ranged widely over the last five years:
$1.98/g in 2015, $2.51/g in 2014, $3.12/g in 2013, $3.22/g in 2012 and $3.16/g in 2011.

Areas nearby Arizona and their current gas price climate:
Arizona- $2.07/g, down 1.1 cents per gallon from last week's $2.08/g.

“Retail gasoline prices across the country appear to have hit a plateau and that's not surprising given the mix of potentially upward and downward forces working simultaneously on crude oil prices," said Gregg Laskoski, senior petroleum analyst for GasBuddy.

"On one hand we have the news that OPEC issued over the weekend; that a group of non-OPEC oil producers led by Russia have agreed to collectively cut 2017 production by 600,000 barrels..." said Laskoski.

"But on the other hand the promises for next year do little to change the robust global supply we have today. OPEC's November output rose 370,000 bpd to 34.19 million bpd, a record high. Reuters reported that Russian oil production for November also set a new record. Nobody's saying anyone will cheat on the agreement but old habits are hard to break," he noted.

 

For LIVE fuel price averages, visit http://FuelInsights.GasBuddy.com.

About GasBuddy.com

GasBuddy is the premiere source for real-time local gas prices. Founded in 2000, GasBuddy.com developed as an initiative to provide consumers access to local, current gas prices. Through the GasBuddy.com website and the free GasBuddy mobile app, users can find and share gas prices with fellow drivers, saving big money at the pump.

 

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