Arizona Gas Prices Soar Amid Crude Oil Volatility

Gas prices in Arizona and Queen Creek have surged significantly in recent weeks. According to AAA Arizona, gas prices rose by 25 cents this week, reaching $4.37 a gallon. The state average has also increased, rising from $4.16 to $4.34 a gallon.

Aldo Vazquez, spokesperson for AAA Mountain West Group, attributes the spike in gas prices to 'rising crude oil prices' caused by 'volatility along the Strait of Hormuz and instability in the region.'

The lowest price for regular gas can be found at Costco on 20220 S. Ellsworth Road in Queen Creek, priced at $4.25 a gallon, up from $3.89 last week.

Arizona ranks seventh in the nation's most expensive markets, behind California and Hawaii. The Energy Information Administration reports that U.S. crude oil inventories are about 6% below their five-year average for this time of year.