Economy could create higher fuel demand, raise prices at the pump

Utah gas prices have risen 5.7 cents per gallon in the past week, averaging $2.85 per gallon Monday, according to GasBuddy’s daily survey of 1,171 stations. Gas prices in Utah are 4 cents per gallon higher than a month ago and 19.3 cents per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Utah was priced at $2.66 per gallon Monday while the most expensive was $3.57 per gallon, a difference of 91 cents per gallon. The cheapest price in the entire country Monday stood at $1.91 per gallon while the most expensive was $5.49 per gallon, a difference of $3.58 per gallon. The national average price of gasoline fell 0.4 cents per gallon in the last week, averaging $2.60 per gallon Monday. The national average is down 6.9 cents per gallon from a month ago and 13.8 cents per gallon lower than a year ago.

“While the national average gas price didn’t show much of a significant trend either way, oil prices did jump last week on the solid jobs report and on news of a growing consensus that the U.S. and China have agreed to some form of a trade deal,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “With such strong economic data, the picture is painted that we could see improving demand for oil and thus prices rising last week. While it may not be immediately noticed at the pump as gasoline demand continues to be weak in the off-season, it certainly could lead to a more noticeable impact next summer should nothing change until then.”