Big Idea

• Phoenix gas prices have crossed the $5 mark and the average price is at $5.23/g today
• The lowest price in Arizona was at $4.11/g (in Nogales) while the highest was $5.92
• There is concern that inventories won’t be able to catch up.
• Oil markets are quite on edge
• Read more...

The cheapest price in Phoenix is higher than the highest price in Prescott

(May 31, 2022) - Average gasoline prices in Phoenix have risen 3.8 cents per gallon in the last week, averaging $5.23/g today, according to GasBuddy's survey of 1,094 stations in Phoenix. Prices in Phoenix are 63.9 cents per gallon higher than a month ago and stand $2.11/g higher than a year ago. The price of diesel has fallen 4.0 cents nationally in the past week and stands at $5.50 per gallon.

According to GasBuddy price reports, the cheapest station in Phoenix was priced at $4.89/g yesterday while the most expensive was $5.89/g, a difference of 100.0 cents per gallon. The lowest price in the state yesterday was $4.11/g while the highest was $5.92/g, a difference of $1.81/g.

The national average price of gasoline has risen 0.9 cents per gallon in the last week, averaging $4.60/g today. The national average is up 42.8 cents per gallon from a month ago and stands $1.56/g 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:
May 31, 2021: $3.12/g (U.S. Average: $3.04/g)
May 31, 2020: $2.25/g (U.S. Average: $1.97/g)
May 31, 2019: $3.17/g (U.S. Average: $2.82/g)
May 31, 2018: $3.08/g (U.S. Average: $2.96/g)
May 31, 2017: $2.25/g (U.S. Average: $2.38/g)
May 31, 2016: $2.16/g (U.S. Average: $2.32/g)
May 31, 2015: $2.79/g (U.S. Average: $2.75/g)
May 31, 2014: $3.51/g (U.S. Average: $3.67/g)
May 31, 2013: $3.48/g (U.S. Average: $3.61/g)
May 31, 2012: $3.70/g (U.S. Average: $3.62/g) 

“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I'm afraid the good news ends there," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won't be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we'll eventually see the national average reach that dreaded $5 per gallon."

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.

This was the price at Costco in Phoenix on Saturday.