Supply challenges amidst the transition to summer gasoline will lead to sharp price increases.
Big Idea
- Gas prices have risen 2¢ in Phoenix, averaging $4.21/g
- Gas prices have risen 1¢ in greater AZ
- The banking sector outlook is affecting prices at the pump
- The national average price of diesel has fallen 5.6¢
- Read more
Prices in Arizona will continue to fluctuate
Average gasoline prices in Phoenix have risen 2.0 cents per gallon in the last week, averaging $4.21/g today, according to GasBuddy's survey of 1,094 stations in Phoenix. Prices in Phoenix are 58.3 cents per gallon higher than a month ago and stand 40.4 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.6 cents in the last week and stands at $4.25 per gallon.
According to GasBuddy price reports, the cheapest station in Phoenix was priced at $3.47/g yesterday while the most expensive was $4.79/g, a difference of $1.32/g. The lowest price in the state yesterday was $3.14/g while the highest was $5.29/g, a difference of $2.15/g.
The national average price of gasoline has fallen 4.2 cents per gallon in the last week, averaging $3.40/g today. The national average is up 4.3 cents per gallon from a month ago and stands 82.9 cents per gallon lower 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:
March 20, 2022: $4.62/g (U.S. Average: $4.23/g)
March 20, 2021: $3.13/g (U.S. Average: $2.88/g)
March 20, 2020: $2.74/g (U.S. Average: $2.11/g)
March 20, 2019: $2.56/g (U.S. Average: $2.60/g)
March 20, 2018: $2.43/g (U.S. Average: $2.56/g)
March 20, 2017: $2.18/g (U.S. Average: $2.29/g)
March 20, 2016: $1.90/g (U.S. Average: $1.98/g)
March 20, 2015: $2.42/g (U.S. Average: $2.43/g)
March 20, 2014: $3.35/g (U.S. Average: $3.53/g)
March 20, 2013: $3.75/g (U.S. Average: $3.70/g)
Neighboring areas and their current gas prices:
Arizona- $3.96/g, up 1 cent per gallon from last week's $3.95/g.
Las Vegas- $4.25/g, down 5.8 cents per gallon from last week's $4.31/g.
Tucson- $3.59/g, down 2.5 cents per gallon from last week's $3.62/g.
"The broad concern over recent failures of the U.S. and global banking system has put enough downward pressure on oil prices that we saw a reprieve in rising gasoline prices in the national average last week. But, it may be temporary in nature, and is unlikely to be a long lasting trend," said Patrick De Haan, head of petroleum analysis at GasBuddy. "While California and areas of the West Coast saw some moderation in price, supply challenges amidst the transition to summer gasoline have led to sharp price increases in Arizona, and other markets saw varying impacts at the gas pump over the last week. Should the outlook for the banking sector improve, we could again see gasoline prices race higher, while continued or additional distress could raise the possibility of a broader economic slowdown, keeping gasoline prices in check. Overall, there are a lot of possibilities."
GasBuddy is the authoritative voice for gas prices and the only source for station-level data. 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
