Hurricane Sandy has led to long lines at gas stations along the east coast. Prices there have spiked in the wake of the storm. But fuel prices in Arizona continue their downward trend. The average statewide price for a gallon of unleaded regular gasoline is $3.62 a gallon, dropping 5.8 cents in the past week. The national average price is down 9.2 cents to $3.50 a gallon.
Hurricanes can affect oil production. Indeed, gas futures jumped this week on news of refineries shutting down as the hurricane came ashore. But a factor known as "demand destruction" far outweighed the loss of production. Tens of millions of drivers stayed at home and away from gas pumps for several days.
In an interview with Arizona Public Media, Michelle Donati with AAA Arizona says Sandy affected an area of the country that is a major consumer of gasoline, not a major producer.
Prices in Arizona range from a low of $3.38 a gallon in Tucson, to a high $3.85 a gallon in Flagstaff.