Thursday, May 28, 2020

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    Will Saudi attack impact fuel prices?

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    Arches, Canyonlands to reopen May 29

    Arches and Canyonlands national parks will partially reopen to the public at the end of the month, according to a spokesperson for the parks, following guidance from the Centers for Disease Control and Prevention and state and local public health authorities.

    County to diversify post-virus

    The impacts of the pandemic have renewed local leaders’ focus on a topic many have worried over for years but must now confront in much starker terms: Economic diversification.

    The party is over at Imagination Station art supply store

    Cindy Sue Hunter serves a customer at her art supply store, Imagination Station, which has been reconfigured to allow shoppers to do what Hunter calls “door shopping."
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    Utah gas prices fell 2 cents per gallon in the past week, averaging $2.80 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 11.4 cents per gallon lower than a month ago and stand 34.6 cents per gallon lower than a year ago.

    According to GasBuddy price reports, the cheapest station in Utah is priced at $2.45 per gallon while the most expensive is $4.29 per gallon, a difference of $1.84 per gallon.

    The cheapest price in the entire country Monday stood at $1.80 per gallon while the most expensive is $4.99 per gallon, a difference of $3.19 per gallon.

    The national average price of gasoline fell 0.4 cents per gallon in the last week, averaging $2.55 per gallon Monday. The national average is down 6.5 cents per gallon from a month ago and stands 28.9 cents per gallon lower than a year ago.

    “While gas prices have drifted lower for the ninth straight week, all eyes now turn to Saudi Arabia after an attack that knocked out over 5% of global oil production and how oil prices are likely to jump as a result,” said Patrick DeHaan, head of petroleum analysis for GasBuddy.

    “While there is some good news that motorists should not expect a sudden and major uptick in gas prices, there may be a minor impact beginning midweek and continuing until Saudi Arabia’s state-owned oil company, Aramco, is able to restore all production. However, even after oil production levels return to normal, there is an undeniable factor that will now forever impact oil prices – and that is that Saudi Arabia’s reliability and stability is no longer guaranteed, and this missile strike is evidence that perhaps one of the world’s most stable oil producers may no longer be seen as stable as they were prior to this event.

    “Motorists should stay tuned to GasBuddy for any further developments, but for now, we are not expecting this attack to lead to major price hikes.

    “While the situation may change with Saudi Arabia, motorists are now able to fill up with cheaper winter gasoline and demand continues to seasonally weaken, perhaps softening the blow and impact of the attacks on gas prices.”

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