Attacks on oil tankers don’t impact fuel costs

Utah gas prices have fallen 1.1 cents per gallon in the past week, averaging $3.14 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah were 7.2 cents per gallon lower than a month ago, yet stand 5.6 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Utah was priced at $2.75 per gallon Monday while the most expensive is $4.99 per gallon, a difference of $2.24 per gallon. The cheapest price in the entire country today stands at $1.92 per gallon while the most expensive is $5.89 per gallon, a difference of $3.97 per gallon.

The national average price of gasoline has fallen 6.2 cents per gallon in the last week, averaging $2.67 per gallon June 17. The national average is down 19.3 cents per gallon from a month ago, yet stands 22.2 cents per gallon lower than a year ago.

“For the sixth straight week, gasoline prices have declined nationally, a feat not often seen heading into the prime of summer driving season. It was a perfect week with every state seeing average gas prices decline…Oil prices remain under considerable selling pressure, even after last week’s attack on two oil tankers that caused not much more than the oil market to blink,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Gas prices have been and will be unaffected by last weeks’ oil tanker attack and we’re highly likely to see the national average decline for its seventh straight week barring any curve balls,” he continued. “For some states like California, Illinois and Ohio, the party may partially end in just two weeks as those states prepare to raise gasoline taxes a noticeable amount, sending their gas prices higher just in time for July 4. For the rest of us, not only can we celebrate the holiday with fireworks, but celebrate the falling prices heading into it. Not a bad summer to be hitting the road as Americans are spending nearly $100 million less every day on gasoline than a year ago.”