Valley drivers could eventually see a new surge in prices once the economy begins recovering, according to AAA Arizona.
"It is important to note that the current decline we've experienced in prices over the last several weeks is the result of the weakened economy," said AAA spokeswoman Linda Gorman. "Once the economy regains strength, it is possible that both oil and fuel prices will rebound and could eventually even surpass record levels achieved earlier this summer."
Peak pump prices have moved lower for the fourth consecutive week, according to a AAA report.
This week, the price of crude oil plunged to its lowest level since August 2007.
The AAA report said the drop can largely be attributed to the continued state of the economy and the Department of Energy's inventory report, which showed an increase in crude stocks that were nearly double what was anticipated.
Also this week, the Environmental Protection Agency issued a waiver, pushing the Phoenix area's switch to the less expensive winter blend of fuel to November 16.
The decision was made by the agency as a result of a recent refinery fire and supply issues from Hurricane Ike.
"As a result of our winter fuel blend being less expensive to produce, it is likely that fuel prices will drop by another 5-10 cents per gallon when the switch occurs next month," added Gorman.
Drivers across Arizona are currently paying $3.17 for a gallon of regular unleaded gasoline, which is a drop of 15 cents from last week and the largest single-week drop since 1999.
Tucson drivers continue to pay the lowest fuel price in the state at $3.05 per gallon, while Prescott drivers are paying the most to fill their tanks at $3.33 per gallon.
