Big Idea

• Gas prices are going up quickly
• Motorists should prepare for further gas price increases
• $3 per gallon national average is less than a month away
• OPEC is reluctant to raise production
• Read more...

Gas prices are going up, and you can’t stop it.

(March 8, 2021) - Phoenix gas prices have fallen 3.4 cents per gallon in the past week, averaging $3.04/g today, according to GasBuddy's daily survey of 1,094 stations in Phoenix. Gas prices in Phoenix are 57.4 cents per gallon higher than a month ago and stand 16.1 cents per gallon higher than a year ago.

According to GasBuddy price reports, the cheapest station in Phoenix is priced at $2.88/g today while the most expensive is $3.59/g, a difference of 71.0 cents per gallon. The lowest price in the state today is $2.51/g while the highest is $3.99/g, a difference of $1.48/g.

The national average price of gasoline has risen 3.4 cents per gallon in the last week, averaging $2.77/g today. The national average is up 29.8 cents per gallon from a month ago and stands 41.1 cents per gallon higher than a year ago.

Historical gasoline prices in Phoenix and the national average going back ten years:
March 8, 2020: $2.88/g (U.S. Average: $2.36/g)
March 8, 2019: $2.48/g (U.S. Average: $2.47/g)
March 8, 2018: $2.36/g (U.S. Average: $2.53/g)
March 8, 2017: $2.17/g (U.S. Average: $2.30/g)
March 8, 2016: $1.50/g (U.S. Average: $1.81/g)
March 8, 2015: $2.48/g (U.S. Average: $2.46/g)
March 8, 2014: $3.33/g (U.S. Average: $3.49/g)
March 8, 2013: $3.79/g (U.S. Average: $3.71/g)
March 8, 2012: $3.88/g (U.S. Average: $3.76/g)
March 8, 2011: $3.46/g (U.S. Average: $3.52/g) 

Neighboring areas and their current gas prices:
Arizona- $2.95/g, up 7.9 cents per gallon from last week's $2.87/g.
Las Vegas- $3.10/g, up 7.0 cents per gallon from last week's $3.03/g.
Tucson- $2.98/g, up 1.6 cents per gallon from last week's $2.97/g.

"OPEC surprised oil markets last week by extending oil production cuts for another month, ignoring the resurgence in global demand as economies recover from COVID-19. Markets responded by pushing oil prices up some 12%. As a result, motorists should prepare for further gas price increases in the weeks and potentially months ahead, with a $3 per gallon national average potentially less than a month away," said Patrick De Haan, head of petroleum analysis for GasBuddy. "At the start of this year, it was somewhat outlandish to predict a $3 per gallon national average for the summer driving season, but thanks to the speed of recovery from the pandemic pushing demand higher and OPEC's reluctance to raise oil production, we're on the cusp of making that a reality. It's extremely frustrating as a consumer to feel helpless as prices soar and as millions remain unemployed, so the only advice I can offer consumers is prepare for further increases, and to mitigate rising prices, shop around for the low prices every time you need to refuel. I'm hopeful OPEC will see the error in their ways at next month's meeting, but with demand exceeding supply, the longer the imbalance continues, the longer it will take for any rise in oil production to offset it."

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 covering credit card transactions at 100,000 stations and the Lundberg Survey, updated once every two weeks based on 7,000 gas 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://FuelInsights.GasBuddy.com.

SOURCE GasBuddy