Utah gasoline 7th highest in nation

Gasoline prices in Utah have risen 2 cents per gallon in the past week, averaging $3.20 per gallon as of Monday, June 18, according to GasBuddy’s daily survey of 1,171 stations in Utah. This compares with the national average that has fallen 2.4 cents per gallon versus last week to $2.89 per gallon, according to GasBuddy.

Utah gasoline prices are the seventh highest in the nation, according to Michael Blasky, spokesman for AAA Utah, who said Moab’s average price per gallon was $3.39. Gas prices have continued to rise in Utah even as national prices began to stabilize after Memorial Day. As of Monday evening, Utah was paying the seventh-highest price for fuel in the country. The state has seen a six-cent increase above Memorial Day prices, among the largest post-holiday price increases in the nation.

“Utah gas prices are being driven by strong demand for gasoline, which is leading to a very busy summer travel season,” said Blasky. “But the good news is we may be seeing our summer peak for gasoline this month. All eyes will be on the upcoming OPEC summit in Austria, where oil-rich nations may decide to raise their levels of crude oil production. That would pump more oil into the supply chain, and ultimately lower the cost of fuel,” Blasky said.

Average gasoline prices on June 18 in Utah have ranged widely over the last five years: $2.59 per gallon in 2017, $2.38 per gallon in 2016, $3.02 per gallon in 2015, $3.57 per gallon in 2014 and $3.73 per gallon in 2013, according to statistics from GasBuddy.

Including the change locally during the past week, prices yesterday were 61.3 cents per gallon higher than a year ago and are 4.7 cents per gallon higher than a month ago. The national average has dropped 3.1 cents per gallon during the last month and stands 60.9 cents per gallon higher than a year ago.

Areas in Utah and their current gas price climate: Provo–$3.14 per gallon, up 3.9 cents per gallon from last week’s $3.10 per gallon. Ogden–$3.18 per gallon, up 3.9 cents per gallon from last week’s $3.14 per gallon. Salt Lake City–$3.16 per gallon, up 4.7 cents per gallon from last week’s $3.12 per gallon.

“Average gas prices in the U.S. have fallen to their lowest in a month, following oil’s continued slump as OPEC appears poised to adjust oil production levels and the U.S. nears its hitting 11 million barrels of oil pumped per day, the highest level ever,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Oil bulls may see their day again this summer, but the prospects of higher oil supply have diminished the value of oil for the time being, and that’s leading to what nearly every American has been rooting for as of late–lower gas prices. While many are still bitter over having to pay more than last year, prices certainly could have moved higher if there hadn’t been pressure on OPEC to act now that the (previous) glut of crude oil has been absorbed into the market. We see gas prices falling slightly into late June or early July before odds rise of hurricane season leading to some volatility at the pump, which could lead prices higher short term.”