Arizona’s average fuel price shed 4.2 cents from last week to $3.403 per gallon on Thursday. Nationwide, prices fell by more than a dime to $3.455 per gallon.
The continued decline may be the result of global economic concerns, AAA Arizona reports. Those doubts have kept the price of crude oil in the low $80 per barrel range. As a result of the stabilized commodity price, retail fuel prices across the country have begun to spiral downward.
“After a late summer surge, the statewide fuel price has been on a free fall for 13 consecutive days,” said Linda Gorman, communications and public affairs director for AAA Arizona. “Given current market factors and the impending switch to our less expensive winter blend of fuel in mid-October, this momentum is likely to continue in the short-term.”
Average pump prices in the East Valley were at $3.322 Thursday, down 5.3 cents from last week. Tucson and Flagstaff hold the low and high state fuel averages at $3.284 and $3.618 per gallon, respectively. Missouri and California hold the low and high price extremes for the lower 48 states at $3.182 and $3.865 per gallon, respectively.