Crude Heats Up on Venezuela Legal Conflict
Phoenix, Ariz., February 14, 2008 – Today, Arizonans are celebrating the most romantic day of the year as well as the state’s 96th birthday. However, motorists across the state are not likely to be in a celebratory mood as fuel prices firm up for the second straight week. Statewide, the current average for a gallon of regular unleaded gasoline is currently $2.872 per gallon, a drop of just over a penny from last week. Peoria drivers continue to hold on to the state’s lowest fuel price at $2.772 per gallon, while Flagstaff drivers continue to pay the most for fuel at $3.081 per gallon. The national average is currently $2.979 per gallon, an increase of nearly a penny from last week.
While gasoline inventories remain healthy, crude prices have started to inch upward as a legal conflict continues to ensue between Venezuelan President Hugo Chavez and the ExxonMobil Corporation. Last week, the oil company froze more than $12 billion in assets to ensure payment for two Venezuelan oil projects with which it was involved. Unfortunately, this decision was not well received by President Chavez and resulted in the country halting commercial relations with ExxonMobil on Tuesday. The conflict has resulted in crude prices jumping $3.09 per barrel from last week.
“The dispute between Venezuela and ExxonMobil serves as a reminder that the fuel market is much more complex than supply and demand. It is important to remember that there are several volatile factors that play into the market,” said Linda Gorman, public affairs manager for AAA Arizona. “If oil prices remain at current levels or start to increase as a result of the conflict, we could see pump prices continue to tighten or start to head back up.”
The cheapest gasoline in the continental U.S. is in New Jersey, where unleaded regular is $2.819 per gallon. New Yorkers continue to pay the most for gasoline in the country at $3.219 per gallon. Motorists can visit www.AAAAZ.com/news for the latest fuel price information and gas saving tips and go to www.AAA.com/fuelfinder to locate the station with the cheapest gas in their neighborhood or along their commute route. 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. AAA members who use their AAA Visa credit card can get a rebate of up to five percent on gasoline purchases made at the pump. Members can also flash their AAA membership card to save at over 100 of the auto club’s Show Your Card & Save partners.
City |
Today’s Price |
Change from last week |
Premium
|
Diesel
|
Last Year’s Price |
Phoenix (city ) |
$2.843 |
-0.4 |
$3.136 |
$3.381 |
$2.176 |
East Valley
(Mesa, Gilbert, Chandler, Tempe, Ahwatukee, Apache, Queen Creek) |
$2.790
|
-2.30 |
$3.077 |
$3.327 |
$2.242 |
Glendale |
$2.818 |
No Change |
$3.108 |
$3.404 |
$2.254 |
Peoria |
$2.772 |
-3.0 |
$3.057 |
$3.356 |
$2.227 |
Scottsdale
(Scottsdale, Fountain Hills) |
$2.909 |
-1.4 |
$3.209 |
$3.396 |
$2.329 |
Tucson |
$2.829
|
-0.3 |
$3.120 |
$3.367 |
$2.164 |
Prescott
(Tri-Cities) |
$2.915 |
+2.3 |
$3.215 |
$3.329 |
$2.230 |
Pima County |
$2.843 |
-0.4 |
$3.136 |
$3.381 |
$2.176 |
Flagstaff |
$3.081
|
+1.6 |
$3.397 |
$3.427 |
$2.316 |
Yuma |
$2.886
|
-2.9 |
$3.184 |
$3.231 |
$2.247 |
Statewide |
$2.872 |
-1.1 |
$3.168 |
$3.371 |
$2.258 |
National |
$2.979 |
+0.7 |
$3.278 |
$3.394 |
$2.234 |
E-85 |
$2.494 |
-0.6 |
N/A |
N/A |
N/A |
**E85 MPG/BTU adjusted price |
$3.282 |
-0.8 |
N/A |
N/A |
N/A |
**The BTU-adjusted price of E-85 is the nationwide average price of E-85 adjusted to reflect the lower energy content as expressed in British Thermal Units - and hence miles per gallon - available in a gallon of E-85 as compared to the same volume of conventional gasoline. The BTU-adjusted price calculated by OPIS and AAA is not an actual retail average price paid by consumers. It is calculated and displayed as part of AAA's Fuel Gauge Report because according to the Energy Information Administration E-85 delivers approximately 25 percent fewer BTUs by volume than conventional gasoline. Because "flexible fuel" vehicles can operate on conventional fuel and E-85, the BTU-adjusted price of E-85 is essential to understanding the cost implications of each fuel choice for consumers.
AAA Arizona’s Weekly Fuel Gauge includes data from gasoline stations in every Arizona community. However, only major metropolitan areas are shown in the table above. Local prices in some communities might be higher or lower than the averages shown here.
NOTE: AAA Fuel Gauge data may be used on a daily basis by news media Web sites, but should include attribution to AAA. |
