Crude oil price drops, but Arizona's gas prices continue to climb - East Valley Tribune: Arizona

Crude oil price drops, but Arizona's gas prices continue to climb

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Posted: Thursday, May 12, 2011 4:02 pm | Updated: 5:49 pm, Thu May 12, 2011.

The price of gas in Arizona crept up 3 more cents this week, despite the price of crude oil dropping from a multi-year high.

Gas cost an average $3.762 a gallon across the state Thursday, still below the national average of $3.984.

Crude dropped again this week. The commodity traded in the high $90s to the low $100s.

According to AAA Arizona, "Retail gasoline prices have been hesitant to reflect this sharp decline, likely because of the threat of refinery outages flooding in the South has caused."

"Although we've seen the price of oil drop considerably, predictions of steep retail price drops should be tempered," said Linda Gorman, spokeswoman for AAA Arizona. "So long as the commodity price correction continues and the price of crude sustains its current price point, we should see prices move lower. However, it is too soon to tell how far prices will fall in the long-term, given the impending summer driving season and the start of hurricane season in June."

 

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