Falling crude shaves a quarter off fuel prices

Across the state and country, motorists heading into the weekend are continuing to experience relief at the pump as fuel prices retreat for the fifth consecutive week. Statewide, drivers are currently paying an average of $3.826 for a gallon of regular unleaded gasoline, a drop of 8.5 cents from last week. Tucson drivers continue to hold the state’s lowest fuel price at $3.668 per gallon, while Flagstaff drivers continue to pay the most to fill their tanks at $4.069 per gallon. Nationwide, the current average is $3.836 per gallon, a drop of over seven cents from last week.

 This week, the price of crude oil hit a three-month low as a result of lackluster demand and the greenback reaching a five-month high. It is important to note that oil prices tend to fall when the dollar rises, as a stronger dollar makes crude oil more expensive to foreign investors. The commodity is currently trading in the mid $110 per barrel range, a drop of more than $30 from its all-time high of $147 achieved in mid-July.

 “The added strength of the dollar is encouraging to the market as it is helping to reverse the role our currency had in driving up oil prices,” said Linda Gorman, public affairs manager for AAA Arizona. “Barring unforeseen circumstances, it is likely that pump prices will continue to retreat to the $3.75 range this month. However, should oil prices continue to trade lower in the coming weeks, it is likely that motorists will be in store for even lower fuel prices as the summer nears its end.”

 The cheapest gasoline in the continental United States is in Oklahoma, where unleaded regular is $3.601 per gallon. California drivers are paying the most for fuel in the country at $4.159 per gallon.

 Motorists can visit www.AAAAZ.com/news/fuelnews.htm for fuel price information and gas saving tips or go to www.AAA.com/fuelfinder to locate the station with the cheapest gas in their neighborhood. They can also visit AAA’s Fuel Cost Calculator at www.fuelcostcalculator.com, which can help drivers plan out their fuel costs so they can budget their travel expenses in advance. From now through September 30, drivers can also go to www.aaa.com/sweepstakes, visit a local AAA office or call 1.866.298.1232 to request a new insurance quote from AAA to receive a $10 gas card from AAA Insurance and be entered into the grand prize drawing of $20,000 in free gas. Those requesting a quote will also be entered into a monthly drawing to win $1,000 in free gas.