Motorists in Queen Creek are seeing lower fuel costs as regular gasoline prices in the area have decreased from $4.19 to $3.99 per gallon, according to data from gasbuddy.com. The most affordable option in the town remains the Costco located at 20220 S. Ellsworth Road, where regular gas is priced at $3.49 a gallon, a drop from $3.69 the previous week. Outside of that specific location, fuel costs in Queen Creek range between $3.75 and $3.99 per gallon.
This local decline aligns with broader trends reported by AAA Arizona. The organization stated on Thursday that gas prices in the Valley dropped 15 cents to $3.84 a gallon. Statewide, prices fell 14 cents to $3.97 a gallon, marking the fifth consecutive week of decreases. The regional average sits just above the national average of $3.83 a gallon.
Aldo Vazquez, a spokesperson for AAA Mountain West Group, attributed the downward trend to crude oil prices falling to the $60 a barrel range. He noted that while current gas prices remain the highest they have been in four years, the recent decline offers relief as drivers prepare for the Fourth of July weekend.
Market data supports the shift in crude oil costs. At the close of Wednesday’s trading session, crude oil settled at $68.58 a barrel, a decrease of 92 cents. The Energy Information Administration reported that U.S. crude oil inventories dropped by 3.8 million barrels from the prior week, totaling 408.4 million barrels. This figure is approximately 7% below the five-year average for this time of year.
Demand for gasoline also saw an increase last week, rising from 8.77 million barrels per day to 9.13 million. Despite this higher demand, total domestic gasoline supply decreased from 216.3 million barrels to 214 million. Gasoline production averaged 10 million barrels per day during the same period.
