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

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.