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Gas Prices Still Rising In Arizona, But Some Small Relief May Be In The Future

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Gas prices in Arizona are still climbing as we head into the Thanksgiving holiday, but some relief may be on the way.  Triple-A Arizona says the average price of gas is $3.74 a gallon, which is a about three-cents higher on average from last week.  In Flagstaff, gas prices are also up nearly three-cents a gallon this week to $3.87.  In Prescott, gas prices are up nearly four-cents a gallon this week to $3.68 on average.  The price of crude oil fell below $80 a barrel earlier this week after news that the Biden Administration will release 50-million barrels of oil from the national stockpile, with other countries on board to do the same.  “The price of crude oil accounts for about 50-to-60 percent of what consumers pay at the pump, so a lower oil price should translate into better gasoline prices for drivers,” said Triple-A spokesman Andrew Gross.  He adds, “until global oil production ramps back up to pre-pandemic levels, this recent dip in the price of crude may only be temporary.”  The price of oil was $78 a barrel as of Tuesday morning.

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