Region's fuel prices reach 6-month lows - Tucson Local Media: Business

Region's fuel prices reach 6-month lows

Prices in Pima County, Tucson down 30 cents in a month

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Posted: Tuesday, October 14, 2008 11:00 pm

Waning demand coupled with falling crude prices means area motorists are paying less per gallon of gas than they were just six months ago, according to AAA Arizona.

Tucson’s drivers continue to pay less for their gas than drivers do elsewhere in Arizona.

In the Old Pueblo, fuel prices on Monday, Oct. 13, averaged $3.154 per gallon for regular unleaded gasoline. That’s a 30-cent decrease from the previous month, according to AAA data.

The Pima County average of $3.168 per gallon also is down 30 cents from last month.

Statewide, Arizona drivers are paying an average of $3.235 per gallon for unleaded gas, down from the previous month’s average of $3.574.

The U.S. Department of Energy last week cited healthy inventories and falling demand as the key reasons for the decrease in pump prices.

Demand had decreased by more than 5 percent over the last four weeks when compared to the same period last year. Taken along with the country’s relatively week economic picture, conditions conspired to reduce the cost of oil to less than $90 per barrel last week, a 40-percent decline from oil’s all-time high of $147.27 earlier this summer.

“While pump prices have fallen consistently for the last three months, it is important to remember that they have done so as a result of the economy and abysmal demand,” AAA Arizona spokeswoman Linda Gorman said in a statement released last week.

The volatility of the market should only heighten the need for the country’s leaders to come up with a “comprehensive energy solution, so that our fuel prices are not at the mercy of countries that want to cash in on our dependency to their oil supplies,” Gorman said.

In the continental U.S., Oklahomans pay the lowest price for unleaded gas, at $2.747.

Meanwhile, folks in North Carolina pay the most, $3.502 per gallon.

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