Gas prices remain stable, are expected to drop

Utah gas prices have risen 0.4 cents per gallon in the past week, averaging $2.96 per gallon Monday, Aug. 12, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are unchanged versus a month ago, yet stand 19.5 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Utah is priced at $2.74 per gallon while the most expensive is $3.79 per gallon, a difference of $1.05 per gallon. The lowest price in the state Monday was $2.74 per gallon while the highest was $3.79 per gallon, a difference of $1.05 per gallon. The cheapest price in the entire country stood at $1.82 per gallon while the most expensive was $5.49 per gallon, a difference of $3.67 per gallon. The national average price of gasoline has fallen 6.8 cents per gallon in the last week, averaging $2.63 per gallon now.

“The national average price of gasoline has now fallen to the lowest level of the summer, but even better, the lowest since March as gas stations pass along the recent drop in oil prices brought on by the U.S./China trade rift,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “However, the drops in gas prices could slow in the weeks ahead as some OPEC members talk about cutting oil production to stem the recent drop in oil prices. That possibility pushed oil back up $3 per barrel from the lows seen last week. However, a production cut from oil producers may be more akin to putting lipstick on a pig as oil markets have plenty of downside ahead as demand for fuels begins to move lower into the fall with summer driving season ending soon. The U.S. national average could fall an additional 35 cents per gallon by Thanksgiving even after this week’s drop should the trade tensions and geopolitical risks remain the same.”