Gas prices pushed much higher this week - see video discussion below on how the Russian/Ukraine conflict will affect gas prices.
Big Idea
- The Russian invasion of Ukraine has created a high level of concern regarding supply
- Gas prices could be elevated for the foreseeable future
- Little or no relief any time soon
- Best price in Arizona is at Bullhead City - $2.97/gal at FastTrip
- Read more...
It’s a perfect storm for motorists at the pump
(February 28, 2022) - Average gasoline prices in Phoenix have risen 11.1 cents per gallon in the last week, averaging $3.89/g today, according to GasBuddy's survey of 1,094 stations in Phoenix. Prices in Phoenix are 26.6 cents per gallon higher than a month ago and stand 82.3 cents per gallon higher than a year ago.
According to GasBuddy price reports, the cheapest station in Phoenix was priced at $3.22/g yesterday while the most expensive was $4.29/g, a difference of $1.07/g. The lowest price in the state yesterday was $2.97/g while the highest was $4.79/g, a difference of $1.82/g.
The national average price of gasoline has risen 7.5 cents per gallon in the last week, averaging $3.59/g today. The national average is up 23.2 cents per gallon from a month ago and stands 87.6 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Historical gasoline prices in Phoenix and the national average going back ten years:
February 28, 2021: $3.06/g (U.S. Average: $2.72/g)
February 28, 2020: $2.92/g (U.S. Average: $2.44/g)
February 28, 2019: $2.42/g (U.S. Average: $2.43/g)
February 28, 2018: $2.34/g (U.S. Average: $2.54/g)
February 28, 2017: $2.15/g (U.S. Average: $2.30/g)
February 28, 2016: $1.46/g (U.S. Average: $1.74/g)
February 28, 2015: $2.39/g (U.S. Average: $2.40/g)
February 28, 2014: $3.30/g (U.S. Average: $3.45/g)
February 28, 2013: $3.78/g (U.S. Average: $3.78/g)
February 28, 2012: $3.75/g (U.S. Average: $3.72/g)
Neighboring areas and their current gas prices:
Arizona- $3.80/g, up 10.2 cents per gallon from last week's $3.70/g.
Las Vegas- $3.98/g, up 7.8 cents per gallon from last week's $3.90/g.
Tucson- $3.70/g, up 16.6 cents per gallon from last week's $3.54/g.
“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world's second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future," said Patrick De Haan, head of petroleum analysis at GasBuddy. "In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."
GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA's once daily survey and the Lundberg Survey, updated once every two weeks based on a small fraction of U.S. gasoline stations, GasBuddy's survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at http://prices.GasBuddy.com.
SOURCE GasBuddy
Patrick DeHaan how the Russian Invasion of Ukraine will affect gas prices:
