Aug 11, 2023 - Business
Phoenix gas prices near $4 and remain above national average
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A gallon of gas cost $3.91 on average across Phoenix as of Aug. 1, according to GasBuddy.
- That's down significantly from the abnormally high prices we saw in April and May, but still higher than the nationwide average of $3.76, Axios' Alex Fitzpatrick and Kavya Beheraj report.
The big picture: Nationwide, average gas prices are up a bit from winter months — as expected based on historical patterns — but lower than last year's highs of nearly $5.
Yes, but: Gas prices ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are located.
- "Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather," Axios' Emily Peck reports.
What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries, reducing supply and raising prices.
- Saudi Arabia's continued oil production cut also stands to increase energy prices.