US, China tariffs tiff leads to ‘surprising’ decline in fuel prices

Utah gas prices have fallen 2.1 cents per gallon in the past week, averaging $2.92 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 0.8 cents per gallon lower than a month ago and stand 28.4 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Utah was priced at $2.55 per gallon Monday while the most expensive was $3.79 per gallon, a difference of $1.24 per gallon. The cheapest price in the entire country Monday stood at $1.81 per gallon while the most expensive was $5.09 per gallon, a difference of $3.28 per gallon.

The national average price of gasoline fell 3.5 cents per gallon in the last week, averaging $2.60 per gallon Monday. The national average is down 17 cents per gallon from a month ago and 22.2 cents per gallon lower than a year ago.

“For a surprising fifth straight week, the national average has declined, ushering in lower gas prices to every state and providing relief to consumers who’ve watched the stock market tank, but for the same reason oil prices have plunged,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While gasoline demand remains healthy, continued worry over U.S. and China relations clouds energy markets and has weighed significantly on oil prices.

“As the summer draws to a close,” he continued, “the declines may slow down as new signs from both the U.S. and China show a less aggressive tone regarding trade, but we’ll have to see if that materializes into something concrete in the weeks ahead.”