Geopolitical tensions that were front and center last week eased, providing some stabilization in the price of crude. Also contributing to the stabilization was a report revealing that last week’s crude oil production is the highest since 1999, according to the Energy Information Administration. This week, the commodity traded just below the $90 perbarrel mark.
“Healthy supplies and retail margins continue to shield Arizona from the price increases the rest of the country has recently experienced,” said Linda Gorman, director of communications and public affairs for AAA Arizona. “If the price of crude oil remains, pump prices should also remain stable; however, it’s unlikely we will see any significant drops before Labor Day, the last summer driving holiday.”
Tucson and Flagstaff hold the low and high state fuel averages at $3.187 and $3.529 per gallon, respectively.