It may be too early to call it the end of a price climb, but for the first time in three weeks, the statewide price of fuel rose by less than a penny, signaling a possible plateau of pump prices.
Statewide, motorists are currently paying an average of $2.647 for a gallon of regular unleaded gasoline, an increase of 0.8 cents from last week. Today’s nationwide average is $2.624 per gallon, a drop of a little more than two cents from last week.
This week, Tropical Storm Claudette, Tropical Depression Ana and Hurricane Bill emerged as three of the first storms of the 2009 hurricane season. Tropical Storm Claudette and Tropical Depression Ana came ashore without affecting any major oil or gas operations. Hurricane Bill’s initial path threatened offshore oil fields in the Gulf of Mexico. However, the storm has since changed course and is now less of a concern.
“Given continued strong supplies and weak demand, gas prices are likely to level off in the near future,” said Linda Gorman, public affairs director for AAA Arizona. “Looking ahead, prices will likely hover around current levels as we approach Labor Day weekend, at which point we’ll likely experience a bump in prices as demand for fuel strengthens for the last three-day weekend of the summer.”