This past weekend I racked up a few miles transporting family members and friends to work, swim practice, and various appointments. I suppose it was my turn to be the driver-helper. All that driving required at least one trip to the local service station. This also afforded me an opportunity to make a price check on gas prices in my state as well as the rest of the U.S.
I was pleasantly surprised to find that the average price for regular gasoline in Arizona is holding steady at $2.356 per gallon. This is good news because today’s gas prices in the state are about 6 cents less than the national average of $2.417. In-state gasoline prices have been relatively stable over the past week and have only fluctuated a few cents in the last month. With the exception of a few states, U.S. gas prices have also been stable during the last 30 days.
The biggest reason for the lack of volatility is that there is more oil in the market place than the demand from global users. The shale oil boom in the U.S. and Canada means more oil is being pumped, and OPEC has not cut back on their production goals.
Market forces, inclement weather, and political instability of governments can produce immediate upward spikes in the price of this commodity. For now, let’s c-h-e-e-r for stable gas prices!
Sources Cited: http://www.gasbuddy.com