Gas prices dropped 2.5 cents in the East Valley in this week, according to AAA Arizona — a bit of relief after four months of increases.
East Valley drivers were paying $3.876 on average for a gallon on Thursday, which was on par with the state average. Nationwide, prices decreased nearly three cents to an average of $3.907 per gallon.
This week, the price of crude oil fell to a seven week low, trading in the low $100-per-barrel range. Downward pressure on the commodity can largely be attributed to dismal U.S. jobs data and reports of potential negotiations for a compromise with Iran on its nuclear enrichment program.
“From the falling price of crude to anemic demand, there are a variety of signs indicating that pump prices may have reached their peak,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “However, it is important to note that we are still more than a month away from Memorial Day. Historically, pump prices peak just before this holiday, which marks the unofficial start of summer.”